The cryptocurrency market continues to show negative trends. Ethereum faces strong resistance, while Pepe experiences a steep decline.
Current State of Cryptocurrency Market
Ethereum (ETH) is facing resistance near $3940 and has pulled back to $3500, reflecting a 5% drop for the day. This overall weakness in the market is affecting meme coins like Pepe (PEPE), which has lost 17% over the week, giving back all of its monthly gains.
PEPE Chart Analysis
On the daily chart, PEPE is showing a pattern reminiscent of August 2024. Previously, the price bounced off the demand zone and broke out of a falling wedge formation, rising above the 100-day moving average (MA). However, after a brief rally, it failed to maintain support at the 100-day MA.
Future Projections for PEPE
If the pattern plays out again, bears could target a drop back to the support zones at $0.0000083 and $0.0000058, indicating a potential 44% decline. Conversely, a recovery above the 100-day MA to $0.00001143 could shift momentum back in favor of the bulls.
In conclusion, the cryptocurrency market is showing caution, and further movements of Pepe will heavily depend on the recovery of key support levels.
