The renowned memecoin project, PEPE, witnessed a notable downturn within the past 24 hours amidst a significant downtrend. The memecoin encountered a substantial market correction, slipping beneath its previous support thresholds. At the time of the report, PEPE's price plummeted by 15.15% to $0.000008054 during the European trading session. According to data from CoinMarketCap, its present market capitalization sits at $3.39 billion, depicting a 15.14% decrease.

What Lies Ahead for PEPE?

PEPE recently underwent a substantial upsurge, attaining an all-time high of $0.00001718 in May, yet its value has since tumbled by more than 53%. Introduced in April 2023, the cryptocurrency entered consolidation phases subsequent to sharp ascents and swift subsequent declines.

Last week, PEPE dipped below various crucial support levels, steadying at a minimal mark of $0.000008. Fluctuating amid $0.000008 and $0.000012 signifies ongoing ambiguity amidst escalating market volatilities. This shift accentuated its erratic trajectory, leading to a 36% retreat and indicating a bearish trend as PEPE's value declined by 45% this month.

Today, the digital currency domain confronted substantial sell-offs, with prominent assets such as Bitcoin, Ethereum, and Solana registering noteworthy declines. Analogously, other memecoin ventures like Pepe, Floki, Dogecoin, and Shiba Inu also underwent reductions, contributing to the broader market's pessimistic trend.

PEPE Chart Examination

In the scenario of a positive ascent, PEPE's value could ascend towards the closest resistance point of $0.000009, suggesting a market recuperation. Consolidation at this stage might propel the currency towards $0.00001 by the conclusion of July. Should bullish sentiments intensify, PEPE might surpass the $0.000005 threshold.

Conversely, persistent negative trends could drive it towards the $0.000008 support level, potentially descending to $0.000007, further imperiling its stance. With ongoing market adjustments, if bears exert heightened pressure, PEPE's value may plummet to $0.000005, indicating an oversold market.