In a whirlwind period of speculation and hype, the world of digitalย 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 wholeย lotย 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 The phenomenal boost of Pepecoin seemsย to have been replaced by a swift and relentless decline, forcing SHIB and Dogecoinย (DOGE) to touch theย lowest levels.ย
Memecoin Momentum Experiences A Slowdownย
The cryptocurrencyย market has recently experienced a wholeย lotย of slowdown, with memeย cryptocurrencies bearing the brunt of this downturn. Amidst investorsโ caution concerning their financing choices, digitalย currencies such as PEPE, Shibaย Inuย (SHIB), and Dogecoinย (DOGE) have seen a persistent decrease. This tendency suggests a potential conclusion to the brief surge in memeย cryptocurrency values witnessed in April.ย
Memeย Coin coins are asย ofย now facing wholeย lotย of adversity as they experience widespread depreciation. This applies to both large-scale and niche Memeย Coin coins. A case in point is PEPE, a memeย cryptocurrency that gained prominence in April, which has seen greaterย than a 60 percent fall from its record-high value in early May. Even in theย previousย day, it has registered a further loss of 7.5%.
The downward tendency in PEPE cryptoย token value reflects a similar pattern across the entire memeย cryptocurrency universe. Metaphorically, the distinctively green hue of the PEPE logo and those of other memeย cryptocurrencies designed in its image appearsย to be shifting towards red, mirroring theย present market trend.
Whatโs Next For PEPE Price?
PEPEโs price activity is experiencing a downturn today, following a wholeย lotย 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.
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 thereย 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.ย
The Relative Strength Index (RSI) is asย ofย now trending upwards towards a neutral position, indicating that there canย potentially still be ongoing buying activity, and a shift in momentum couldย be possible. This impliesย that the bulls are beginning toย 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.
