Bitcoin’s high market dominance now puts heavy stress on memecoin investments and weakened this particular segment of the crypto industry. In only three weeks memecoin total value dropped by $44 billion and Pepe (PEPE) experienced the biggest decline.
Before the cryptocurrency peak in December the frog-themed token fell 70% to $0.0000048. The current loss wipes out all gains from the “Trump pump” event which took PEPE back to its price in early November 2024.
PEPE Tests Key Support Level at $0.0000080
Major players detect financial odds to buy PEPE even though the market sank. A major PEPE whale bought 280 billion tokens and became worth $13.2 million according to recent report. Retail investors must evaluate this moment to see if they should join buying activities.
Technical measurements show PEPE tests the lowest point of its support at $0.0000080. The 3-day cyan area functions as an important barometer in Bitcoin’s history by sending it into a rise in November 2024 and tipping its March 2024 peak.
The market might create its lowest point when this barrier stays intact and opens the way for recovery. The next buying target would be $0.000012 according to 100-day EMAs.
Meanwhile, the Chaikin Money Flow (CMF) indicator points to a gradual return of capital inflows, albeit still below the ideal threshold. The RSI on the 3-day chart shows growing buying pressure yet needs more evidence to prove the market direction has changed.
Can Positive Sentiment and Social Hype Revive PEPE?
The cryptocurrency will likely experience more losses if PEPE fails to hold the important support from November. The market would likely crash to a strong barrier at $0.000006 should support fail at this level.
On-chain market data shows growing uncertainty even though trading signals suggest a potential rebound. Social Volume measures for different internet sites shows steady decrease since December. Fewer people show interest in the token which shows their decreasing passion for it.
Inspite of the current market condition Weighted Sentiment data shows investors becoming more neutral although their attitude remains negative. Market recovery signals emerge when PEPE holders switch to more positive opinions and keep social media interest up while the token defends its main support areas.
PEPE’s price movement is reaching an essential test as the entire memecoin category continues struggling right now. A price increase toward recovery can happen when support points resist market pressure and customer feelings improve. Investors should watch network data carefully before investing in this market.
This news is republished from another source. You can check the original article here
