In a whirlwind period of speculation and hype, the world of cryptocurrency was recently taken by storm by a new breed of digital currencies: memecoins. A key player that stood out in this field was Pepecoin, or PEPE, which has now witnessed a significant decline, marking a potential turning point for the memecoin market. However, like any market riding on the waves of speculation, the bubble has now seemingly burst. The phenomenal rise of Pepecoin appears to have been replaced by a swift and relentless decline, forcing SHIB and DOGE to touch the bottom levels.
Memecoin Momentum Experiences A Slowdown
The crypto market has recently experienced a significant slowdown, with meme coins bearing the brunt of this downturn. Amidst investors’ caution concerning their investment choices, cryptocurrencies such as PEPE, SHIB, and DOGE have seen a persistent decrease. This trend suggests a potential conclusion to the brief surge in meme coin values witnessed in April.
Meme coins are currently facing significant adversity as they experience widespread depreciation. This applies to both large-scale and niche meme coins. A case in point is PEPE, a meme coin that gained prominence in April, which has seen more than a 60% drop from its record-high value in early May. Even in the last 24 hours, it has registered a further loss of 7.5%.
The downward trend in PEPE token value reflects a similar pattern across the entire meme coin universe. Metaphorically, the distinctively green hue of the PEPE logo and those of other meme coins designed in its image seems to be shifting towards red, mirroring the current market trend.
What’s Next For PEPE Price?
PEPE’s price activity is experiencing a downturn today, following a significant surge on Sunday that had the whole crypto community buzzing. As rapidly as its prominence soared, it started to diminish on Monday, wiping out all of its gains from Sunday.
PEPE must maintain its stand at the critical price point of $0.00000147, which served as a crucial technical milestone on May 13 and has already provided support twice since that date. As the descending red trendline approaches, one can anticipate increased pressure at this level. If there’s a breach below this line, the price could potentially drop toward $0.00000116. As of writing, PEPE price trades at $0.00000153, declining over 6% in the last 24 hours.
The Relative Strength Index (RSI) is currently trending upwards towards a neutral position, indicating that there might still be ongoing buying activity, and a shift in momentum may be possible. This suggests that the bulls are beginning to gain control and could potentially breach the descending red trendline. If this happens, the price could aim for $0.0000018, with the subsequent price target being set at $0.000002.
Source: https://coinpedia.org/altcoin/memecoin-hype-fades-away-as-pepe-continues-to-decline-heres-what-next-for-pepecoin-price/