After a brief rally over the weekend, meme coin PEPE is losing ground again. The price has dropped to $0.00000692, marking a 17.44% decline in the past 24 hours.
Current State of PEPE
PEPE is undergoing an intensive bearish slump, with all metrics in the red. Over the past week, the token fell by 9.86%, paring off gains recorded from recent market interest in altcoins. Thirty-day and 90-day declines are 43.2% and 66.8%, respectively. According to TradingView, the Relative Strength Index (RSI) is pegged at 33, near the oversold level. Additionally, the Moving Average Convergence Divergence (MACD) indicates a potential price rebound.
Prospects for PEPE Recovery
Although PEPE has hit a historic low this year, there is a chance for a rebound due to the state of MACD and signal lines, which are in the process of entwining. This could set the stage for a potential breakout from the current downtrend.
Changes in the Meme Coin Market
The meme coin market is attracting more attention, especially following the U.S. Securities and Exchange Commission's (SEC) statement that meme coins are not investment contracts. This update was supported by industry leaders like Ripple CLO Stuart Alderoty. Despite this, PEPE has yet to be featured in such developments; however, its proponents believe in the coin's unique market position.
Against the backdrop of changes in the meme coin market and updated regulatory guidance, PEPE has the potential for recovery and growth in the current altcoin season.
