
PEPE coin price dropped lower on Thursday morning, continuing a trend that began the previous day. The meme coin fell by 4.5% over the last 24 hours, reaching a new low of $0.0000181 by press time. PEPE price now trades below the crucial level that could determine its near-term momentum.
Meme coins have failed to live up to expectations this year, despite the Trump-led crypto market recovery that began in November 2024. While Bitcoin and most altcoins have enjoyed a strong rally, meme coins have largely underperformed. This is due, in part, to a shift in investor sentiment towards utility-based coins and sustainability over short-term hype.
As a result, PEPE price has been rangebound and struggling to gather momentum. Moreover, the meme coin has a weak correlation coefficient of 0.36 with Bitcoin, according to IntoTheBlock. This signals that PEPE coin price may still struggle to gather momentum even if Bitcoin recovers to the six-figure level.
The momentum on PEPE leans towards the downside, as it trades below its Volume Weighted Moving Average (VWMA) on the daily chart. In addition, the 20-period moving average has recently crossed below the 50-MA. Meanwhile, the coin’s traded volume was up by 24.9% in the 24 hours preceding this writing.
That signaled the strengthening of the downward momentum, adding credence to a near-term decline of PEPE price. Notably, the coin is among the cryptocurrencies with the largest percentage of whale holdings. According to CoinMarketCap, 46.2% of PEPE tokens are held by whales.
This could potentially be a key disruptor to the price movement in the coming days, especially if whales decide to buy the dip. In such a scenario, the downside momentum could be limited, and PEPE coin price might be able to avoid further losses.
PEPE Price Prediction Today
The momentum on PEPE price prediction pivots at $0.0000188 and the downside will prevail if resistance persists at that level. The first support is likely to be at $0.0000179. However, a stronger downward momentum will break below that level and potentially test $0.0000170.
Conversely, moving above $0.0000188 will signal control by the buyers. With that, PEPE coin price will likely move higher and meet the first resistance at $0.0000193. The downside narrative will be invalid if the token breaks above that level. That momentum could propel the coin higher to test $0.0000200.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.