PEPE Crypto Breaks Below Strong Support Zone; More Decline Ahead?

• PEPE crypto is trading 3300% above its all-time low price.
• As per CoinCodex, the market sentiment for the meme coin is bearish.

PEPE is a meme coin inspired by Pepe the Frog. It has no presale, no taxes, and no value. It aims to be fun and popular and it has a roadmap with various phases and plans. PEPE is basically for entertainment only and does not have any other particular utility.

The market cap dominance of the PEPE coin is 0.02% and the market cap of the crypto is worth $399.17 Million. Additionally, the volume/market cap ratio of the crypto is 0.1686 and the trading volume of the crypto has increased by 32.25% in the last 24 hours.

The crypto has a circulating supply of 420.69 Trillion PEPE which is similar to its total supply and the max supply. Moreover, the fully diluted market cap of the crypto is $398.25 Million.

The all-time high price hit by the PEPE coin is $0.000004354 and from this level, the price of the crypto has lost its value by 77.98%. The value of the traded volume for the crypto in the last 24 hours is $83.234 Million.

PEPE Derivatives Analysis

With the highest volume traded in the USD pair for the PEPE crypto, its derivatives volume has advanced by 74.61% and the open interest has also increased by 5.8%. 

Moreover, the long/short ratio of the crypto is 0.9294 and the recorded long liquidation as per Coinglass is $375.31K. Additionally, the short liquidation for the crypto is $393.46.

PEPE Crypto Technical Analysis

The PEPE coin’s price is currently confined within an expanding wedge pattern, having established robust support before undergoing a notable shift towards bearish sentiment. This shift, marked by a recent breakdown accompanied by substantial trading volume, signals a significant change in its market dynamics.

This shows the bearish sentiment and the pessimism among the investors and the traders for the crypto. 

PEPE/USD Chart by TradingView

On the daily chart, the 50-day and the 200-day EMAs have formed a fresh death crossover. The price of the crypto has also declined below the EMAs, indicating strength in the downtrend.

The MACD is also giving a strong sell signal as the signal line is above the MACD line and a bearish histogram formation can also be seen on the charts of the MACD indicator. 

The RSI is at a level of 32.31 after declining from the overbought zone below the 50-level and the 14-day SMA.

Summary

PEPE coin has broken a strong support zone and is in a downtrend. The market sentiment is bearish and the indicators are negative. The crypto has lost most of its value and faces further declines ahead. PEPE seems to be a risky investment at the moment.

Disclaimer

This article is for informational purposes only and does not provide any 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.