PEPE continues to decline, reaching a 6-month low of $0.00000670. The persistent losses of the meme coin have severely undermined investor confidence, causing even uncertain holders to withdraw.
The long-term downtrend has created a challenging environment, and market sentiment remains overwhelmingly bearish.
PEPE Investors Lose Hope
Short-term holders have exited the market over the past month. Their participation rate has decreased from 11.5% to 7%, reflecting a reluctance to engage with PEPE at the current price levels.
The long-term downtrend has discouraged traders, and recent investments have resulted in losses.
Generally, a low short-term holder ratio can be seen as a stabilizing factor that reduces volatility. However, in this case, it indicates an increase in PEPE investors' pessimism.
The lack of new capital inflows and the reluctance of holders to re-enter the market suggest that market sentiment remains fragile, further delaying the possibility of recovery.
The macroeconomic momentum of PEPE remains weak, and technical indicators continue to show bearishness. The Relative Strength Index (RSI) has remained in the bearish zone for over a month, indicating persistent selling pressure.
Due to the lack of upward momentum, the short-term recovery potential is low.
Additionally, the deteriorating broader market conditions have exacerbated PEPE's decline. Unless there is a change in macroeconomic or cryptocurrency market trends, the meme coin may continue to face pressure. Unless key resistance levels are breached, the bearish trend is expected to persist.
PEPE Downtrend Continues
The price of PEPE has dropped to $0.00000670, hovering above the crucial support level of $0.00000632. The meme coin's 4-month downtrend, which has reached a 6-month low, shows no signs of reversal. If the bearish pressure persists, PEPE may lose its support and fall further.
A breach of the $0.00000632 level would increase the likelihood of PEPE dropping below $0.00000600. This could extend the losses and push the price towards the next support level of $0.00000587. Without a strong reversal, PEPE may continue its downtrend, further exacerbating investor losses.
The only way to invalidate this bearish outlook is for PEPE to recover and successfully break above the crucial resistance at $0.00000951. If it manages to overcome this level, the meme coin has a higher chance of returning to $0.00001000.
However, PEPE would first need to break through the important resistance levels of $0.00000718 and $0.00000839, which serve as crucial hurdles for the recovery.
