PEPE, a prominent memecoin, has witnessed significant market turbulence recently. Trading at $0.00001793 at press time, the token has recorded a 0.18% dip in the past 24 hours. Its trading volume also decreased by 12% during the same period. Over the last week, PEPE has dropped by 22%, marking a 37-day low of $0.00001441 just three days ago. However, the token remains 36% below its all-time high.
Current Market Situation for PEPE
Memecoins, known for their reliance on market hype, tend to suffer significant losses during corrections but rally strongly under favorable conditions. This raises the question of if PEPE is on the cusp of a bull run.
Whale Activity and Index Analysis
Santiment’s data reveals a rise in buying pressure for PEPE, supported by an increase in its supply outside exchanges and a corresponding decrease on exchanges. Such trends often signal investor confidence. However, whale activity suggests a contrasting narrative; a decline in the token’s supply held by top addresses indicates heightened selling pressure.
Key Levels and Outlook for PEPE
PEPE’s immediate support lies at $0.0000188. A breach could trigger a further drop to $0.000011, marking a 47% correction. Conversely, a recovery above the $0.0000227 resistance level could catalyze gains, with targets at $0.0000259 and $0.000028.
While technical indicators reflect a mixed outlook, market conditions and investor sentiment will play a crucial role in determining PEPE’s next move.
