- The Frog-themed memecoin, PEPE, witnessed profit booking in the past trading sessions.
- The PEPE coin witnessed a notable decline of over 5% in the intraday session.
The Frog-themed memecoin (PEPE) remained under pressure throughout this month and dropped over 30% from its peak. With the BTC price tumbling below the $62k mark, altcoins and memecoins seemed to experience a selloff.
Last week, the PEPE price appeared to consolidate near the upward trendline support region and shifted to a pullback. Remarkably, it oscillated higher than the 50-day EMA mark but could not hold a solid footing and was strongly refused.
It exhibited the lower high and lower low sequences and is near its pivot support zone of the $0.00001050 mark. While the market sentiments looked negative, the memecoin theme has not joined the trend and has remained positive on the charts.
Until the PEPE price has not fallen below its crucial support zone of $0.00001000, it stays positive, while if it goes below it, a sizable correction can be seen ahead.
At press time, the PEPE price traded at $0.00001120 with an intraday drop of 4.89%, reflecting profit booking on the charts. It has a monthly return ratio of -21.20% and 595.20% yearly, reflecting short-term correction.
The pair of PEPE/BTC is at 0.0000308 BTC, and the market cap is $4.73 Billion. Analysts are neutral and suggest that the PEPE price may continue to face selling pressure and might face a distribution ahead.
Did PEPE Contribute To The Broader Market Selloff?
The PEPE coin price experienced follow-on declines in the last trading sessions, shifting below its 20-day EMA mark. Notably, the short-term trend suggests a corrective move is brewing.
Conversely, if it crosses its downward trendline mark of $0.00001300, it could lead to a possible reversal.
Per the Fib levels, the PEPE price has regressed to its 50% zone and might see a rebound.
Source: Santiment
Recently, the memecoin dropped from its peak of $0.00001700 and has erased over 30% of gains. The market cap fell to $4.73 Billion, and buyers are not confident enough to enter fresh longs.
Its key indicators conveyed a negative sentiment, and the RSI curve dragged below the midline region, which signified a negative crossover. Similarly, the MACD indicator begins to plot the red bars on the histogram.
Social Dominance and Total Open Interest Data Forecast
The Social Dominance trends show that the PEPE coin has gained significant media traction and surged over 12% this week.
Source: Santiment
The futures OI data shed over 2.30% to $132 Million, highlighting the long unwinding activity in the past 24 hours.
A tweet by @Plazma mentioned that the PEPE price had reached the trendline support zone and is well-placed to buy here.
If the Bitcoin (BTC) price took a rebound, it might influence the PEPE price ahead.
This is the perfect moment to buy more $PEPE.$BTC is at 200 days moving average, in a bull market it bounces hard from that support. pic.twitter.com/i5cEgTMizV
— Plazma (@Plazma0x) June 29, 2024
Source: Santiment
The immediate support levels for the Pepe (PEPE) price are $0.00001000 and $0.00000970, whereas the key upside hurdle is around $0.00001300, followed by $0.00001430.
PEPE Coin Price Outlook
The PEPE coin price slid below the 20-day EMA mark and has lost momentum in the last trading sessions. Moreover, the short-term price projections guiding the corrective wave are imminent, and the coin might soon retest the immediate support zone of $0.00001000.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
