PEPEcoin Price Plummets: Whats Next for Memecoin Craze?

PEPEcoin Price Plummets: Whats Next for Memecoin Craze?

The world of cryptocurrency experiences a slowdown as meme coins like Pepecoin witness a significant decline, marking a potential turning point for the memecoin market.

In a whirlwind period of speculation and hype, the world of digital currency was recently taken by storm by a new breed of digital currencies: memecoins. A key player that stood out in this field was Pepecoin, or PEPE, which has now witnessed a whole lot of decline, marking a potential turning point for the memecoin market. Nonetheless, like any market riding on the waves of speculation, the bubble has now seemingly burst. The phenomenal boost of Pepecoin seems to have been replaced by a swift and relentless decline, forcing SHIB and Dogecoin (DOGE) to touch the lowest levels. 

Memecoin Momentum Experiences A Slowdown 

The cryptocurrency market has recently experienced a whole lot of slowdown, with meme cryptocurrencies bearing the brunt of this downturn. Amidst investors’ caution concerning their financing choices, digital currencies such as PEPE, Shiba Inu (SHIB), and Dogecoin (DOGE) have seen a persistent decrease. This tendency suggests a potential conclusion to the brief surge in meme cryptocurrency values witnessed in April. 

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Meme Coin coins are as of now facing whole lot of adversity as they experience widespread depreciation. This applies to both large-scale and niche Meme Coin coins. A case in point is PEPE, a meme cryptocurrency that gained prominence in April, which has seen greater than a 60 percent fall from its record-high value in early May. Even in the previous day, it has registered a further loss of 7.5%.

The downward tendency in PEPE crypto token value reflects a similar pattern across the entire meme cryptocurrency universe. Metaphorically, the distinctively green hue of the PEPE logo and those of other meme cryptocurrencies designed in its image appears to be shifting towards red, mirroring the present market trend.

What’s Next For PEPE Price?

PEPE’s price activity is experiencing a downturn today, following a whole lot of surge on Sunday that had the whole cryptocurrency community buzzing. As rapidly as its prominence soared, it started to diminish on Monday, wiping out all of its profits from Sunday.

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PEPE must maintain its stand at the critical price point of $0.00000147, which served as a critical technical milestone on May 13 and has already provided support twice since that date. As the descending red trendline approaches, one can anticipate increased pressure at this level. If there is a breach below this line, the price could potentially fall toward $0.00000116. As of writing, PEPE price trades at $0.00000153, declining over 6 percent in the last 24 hours. 

The Relative Strength Index (RSI) is as of now trending upwards towards a neutral position, indicating that there can potentially still be ongoing buying activity, and a shift in momentum could be possible. This implies that the bulls are beginning to win control and could potentially breach the descending red trendline. If this happens, the price could aim for $0.0000018, with the subsequent price target being set at $0.000002.

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