Pepecoin 15% Drop Sparks Speculation: Will Further Pain Follow?

Christian Encila

Last Updated: June 9, 2023 9:14 am

3 mins read

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Pepecoin (PEPE) is now facing a daunting challenge as it experiences a substantial decline from its recent major surge.

Despite an impressive rally of over 50,000% between April 15 and May 5, PEPE has seen its value plummet by more than 60%, with a significant 15% drop occurring in the past week alone.

The sudden decline in Pepecoin’s value has triggered a wave of uncertainty among market participants. Many are now questioning whether this dip is just a temporary setback or a sign of deeper underlying issues.

Pepecoin Price Movement Creates Bearish Sentiment

Pepecoin (PEPE) witnessed a breakout in its price yesterday, but the momentum was short-lived as it quickly plummeted by over 30%, establishing a new low. This sharp decline has given rise to a large descending triangle pattern, signaling a potentially bearish outlook for the cryptocurrency.

$PEPE PRICE BROKE OUT YESTERDAY BUT DID NOT HOLD. WAITING TO SEE A SUCCESSFUL RETEST TO CONFIRM REVERSAL.#PEPEARMY pic.twitter.com/cdsrLBcTOO

— 0x1ee7 (@0x1ee7) June 7, 2023

Currently, PEPE faces a support level at $0.0000010, while resistance is encountered at $0.0000013. As the price approaches the apex of this formation, a crucial point where the triangle converges, PEPE could be poised for a significant movement in the coming days.

Total market cap of cryptocurrencies currently at $1.07 trillion on the daily chart at TradingView.com

PEPE is currently trading at a price of $0.00000112 via CoinGecko, showing a modest 24-hour rally of 2.7%. However, over the past seven days, the coin has experienced a decline of 12.3%.

Source: Coingecko

Investors and traders closely monitoring PEPE are advised to exercise caution as the price nears a critical juncture. The impending move from the apex of the descending triangle formation could potentially determine the direction in which the coin will head next.

Mixed Signals In Trading Volume

Pepecoin presents a mixed picture when considering its trading volume and market capitalization. While the price decline raises concerns, other metrics suggest a more optimistic scenario for the meme-based cryptocurrency.

According to CoinMarketCap, PEPE has experienced an increase in trading volume, rising by 27% over the past 24 hours to reach $241 million. This surge in trading activity indicates that there is still considerable interest and engagement from market participants, potentially hinting at underlying support for the coin.

In addition, PEPE’s market capitalization has shown a slightly bullish trend, with a notable jump of 20.23% to reach $492 million.

However, it is important to note that trading volume and market capitalization do not necessarily guarantee a sustained recovery or an upward price movement for PEPE.

These metrics can be influenced by various factors, including short-term trading activity and speculative interest. Therefore, while they provide some positive indications, they should be interpreted cautiously in the context of PEPE’s bearish bias.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk)

Featured image from mvaligursky/DepositPhotos

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.