Pepe price, a popular meme coin, has been recently trading in a bearish trend following market correction. This bearish movement aligns with similar patterns observed in other meme coins like Dogecoin, Shiba Inu, and Floki.
Profitability Among Pepe Price Holders Despite Price Drop
According to data from IntoTheBlock, 72% of PEPE Coin addresses are currently profitable. Most of these addresses have acquired PEPE at prices below its current market value.
However, the 23% of investors facing losses pose a risk of escalating selling pressure. This scenario could exacerbate the existing bearish trend in PEPE Coin’s market performance.
The current increase in outflows appears to correlate with the recent price decline on the charts. This trend suggests that more investors are selling their holdings, likely due to concerns about further potential drops.
Source: Into The Block
PEPE Price Continues Downward Trend Amid Market Correction
Over the past 24 hours, Pepe price has experienced a significant price movement. At the time of reporting, the PEPE price hovered at $0.0000095 during European trading hours, marking a dip of 8%.
The price oscillated between a low of $0.8924 and a high of $0.00001052, indicating a volatile trading session.
Pepe price is currently experiencing volatility in its market value. If the bearish trends persist, it might drop to a support level of $0.000009. A further decline to $0.000008 could indicate a continued bearish outlook.
The technical indicators for PEPE suggest a bearish outlook. The Relative Strength Index (RSI) is at 25, indicating an oversold condition. The Moving Average Convergence Divergence (MACD), The MACD line at -0.00000049 remains below the signal line at -0.00000055, reinforcing the bearish trend. The histogram also shows increased selling pressure, with negative bars expanding.
Pepe Price Chart By TradingView
According to Coinglass data, significant fluctuations have been observed in the cryptocurrency market. The trading volume has decreased by 2.19%, amounting to $926.14 million.
Source: CoinGlass
Furthermore, there has been a notable decline in open interest, which fell by 19.48% to $107.67 million. These trends suggest a weakening of the ongoing downtrend in the market.
If the positive momentum builds, Pepe price could rebound to $0.0000095, a known resistance point. Stabilizing at this level might lead to an increase to $0.00001. A surge in bullish sentiment could push the price beyond $0.000015, setting the stage for further gains.
Frequently Asked Questions (FAQs)
The price fell due to bearish market trends and decreased investor interest.
Yes, 72% of holders remain profitable despite the price drop.
The price may fall further but could rebound if market sentiment improves.
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Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
