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.
