PEPE Coin has recently faced a challenging period, experiencing a sharp reduction of approximately 7% in its value within the past 24 hours, now trading at $0.000012. This significant drop saw the coin’s market cap decline by $620 million in just one day. Despite the challenging scenario, data from the blockchain shows that over 114,000 wallets continue to hold onto the currency, undeterred by their current losses. Technical analysis reveals possible recovery signs indicated by the opening of a new Elliott Wave pattern.
What Has Contributed to PEPE Coin’s Price Drop?
The decline in PEPE Coin’s price is largely attributed to rising political uncertainties surrounding memecoins following activities led by former U.S. President Donald Trump. Protests at these events, combined with renewed discussions around the stablecoin regulation proposal endorsed by Trump, added to the volatility. The delay in regulatory decisions by U.S. authorities pushed many investors to retreat from memecoin markets for the time being.
While the coin still shows a weekly growth of more than 10%, the impact of Trump’s support for these projects, and similar actions by global figures like Argentine President Javier Milei with the Solana-based Libra memecoin, unsettles investors. During this period, PEPE’s value fell 7.2% against Bitcoin and 6.7% against Ethereum.
Can Investor Loyalty Strengthen PEPE’s Position?
Indeed, despite losses, numerous wallet holders continue to hold PEPE, reflecting significant loyalty and anticipation of a recovery. With data showing 113,690 addresses, or 25.71% of all wallets, are currently experiencing losses, these investors opt not to divest. Historical trends often interpret such commitment as a positive indicator for an eventual price surge.
Technical indicators suggest a potential upward shift for PEPE. The Elliott Wave pattern hints at an upward move to $0.00001632, while its current price stability near $0.00001395, supported by Ethereum’s steady level above $2,600, increases prospects for recovery. However, if the coin dips below its $0.000013 support point, the price could further drop to around $0.000010.
Key conclusions from this situation include the resilience of investors to hold despite losses, the significant impact of political and regulatory news on memecoin prices, and the critical role of technical analysis showing potential recovery patterns.
Investors in PEPE remain cautiously optimistic as they navigate through volatile market conditions, watching closely for regulatory developments and political shifts that could influence memecoin tides in the near future. Moreover, technical signals promise potential recovery, keeping investor hopes alive.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/can-pepe-coin-rebound-from-recent-decline