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Let's talk about everyone's favorite meme coin, PEPE! 🐸 It's been an exciting journey, and today, we saw PEPE take a significant dip, dropping by 10%.
Meme coin traders woke up to a red morning as PCE inflation numbers in the U.S. caused a slight shock to the cryptocurrency market.
Meme coin traders woke up to a red morning as PCE inflation numbers in the U.S. caused a slight shock to the cryptocurrency market.
While headline inflation remained steady, core inflation rose, which could put some pressure on risk assets. Bitcoin dropped below the $84,000 mark, and Ethereum fell by 7% to trade below $1,900.
While headline inflation remained steady, core inflation rose, which could put some pressure on risk assets. Bitcoin dropped below the $84,000 mark, and Ethereum fell by 7% to trade below $1,900.
This broader market decline also affected meme coins, and one such coin that saw a significant drop today was PEPE.
This broader market decline also affected meme coins, and one such coin that saw a significant drop today was PEPE.
The DeFi token dropped by 10% in the past 24 hours as selling pressure continued. Technical analysis showed that PEPE is trading in a downward trend pattern.
The DeFi token dropped by 10% in the past 24 hours as selling pressure continued. Technical analysis showed that PEPE is trading in a downward trend pattern.
It is currently approaching the 65% Fibonacci retracement level, which acts as a critical support point. If this level is broken, then we could see further decline.
It is currently approaching the 65% Fibonacci retracement level, which acts as a critical support point. If this level is broken, then we could see further decline.
However, the relative strength index at 45 indicates that PEPE may enter a period of consolidation, which could form a liquidity capture area before any significant price movement.
However, the relative strength index at 45 indicates that PEPE may enter a period of consolidation, which could form a liquidity capture area before any significant price movement.
Key technical levels to watch
Support point: $0.00000676 (65% Fibonacci retracement)
Monthly low: $0.00
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