The cryptocurrency market remains under pressure, with Bitcoin showing some resilience. Notably, changes in the position of the memecoin PEPE are observed.
Current Market Situation
The crypto market has been experiencing a bearish trend over the past few weeks, despite Bitcoin's relative stability. A significant factor contributing to the market's downturn is Ethereum's sluggish performance and Bitcoin's increasing dominance, which rose from 54.74% to 59.12% today. This shift has led to substantial declines among altcoins and memecoins, including PEPE, which has dropped by 32% over the past 60 days.
Analysis and Forecasts
Crypto expert [@MaxBecauseBTC](https://x.com/MaxBecauseBTC) suggests that PEPE might be setting up for a significant rebound, potentially replicating its early 2024 rally. The PEPE/DOGE trading pair has likely reached a key support level. Historically, when this pair hits a floor, PEPE tends to outperform.
Potential Scenarios for PEPE
Historical data and technical indicators suggest that PEPE may be forming a strong bottom, setting the stage for a sharp recovery similar to its Q1 breakout. While nothing is guaranteed in the crypto market, this historical pattern is something traders should closely monitor. Crypto investments remain highly volatile.
Historical data and technical indicators suggest that PEPE may be on the verge of significant movement. Trader interest may increase as parallels to past patterns are evident.
