- PEPE has plunged 67% from its all-time high, dropping to $0.00000967 after hitting a low of $0.0000079 today.
- Trading volume surged 237%, suggesting that traders may be positioning for a potential rebound despite ongoing selling pressure.
- If PEPE can reclaim its 50-day and 200-day SMAs, it could signal recovery, but if it breaks below $0.0000079, further declines are likely.
The crypto market is reeling from a significant sell-off, and PEPE, the frog-themed meme coin, has taken a massive hit. In the last 24 hours alone, PEPE plunged 26%, bringing its overall loss to 67% since its all-time high of $0.000028 in December 2024. However, there may be a glimmer of hope. At the time of writing, PEPE had managed to pare some of its losses, sitting at $0.00000967—down 20% for the day.
Interestingly, PEPE’s trading volume has soared by 237% in the past 24 hours, surpassing $3.26 billion. This surge in activity suggests that traders are actively repositioning, possibly indicating a shift in market sentiment.
PEPE Price Breakdown and Key Levels
Since reaching its peak on Dec. 9, 2024, PEPE has been in a steady decline. By mid-December, it had fallen below the 50-day Simple Moving Average (SMA) at $0.00001752 and remained under that level until late January. Things worsened when PEPE broke below the 200-day SMA at $0.00001328, losing a crucial support level that had previously propped up its price.
Following a brief rebound attempt, PEPE plummeted further, adding a zero to its price as it hit $0.0000079 today. This marked the third consecutive day of losses.
Will PEPE Rebound Soon?
A key indicator for a potential recovery would be a successful move back above the 50-day and 200-day SMAs, which currently serve as resistance levels. However, much of PEPE’s fate will likely depend on broader market conditions. If Bitcoin and other major cryptocurrencies manage to stabilize and rebound, meme coins like PEPE might follow suit.
On the flip side, if selling pressure persists, PEPE could retest its $0.0000079 support level. A breach below this threshold could signal further downside risks.
Market Sentiment and Speculation
Despite the price collapse, PEPE’s trading volume spike may suggest growing interest from speculative traders who see this dip as an opportunity. Historically, meme coins have demonstrated sharp price swings driven by social media hype and market sentiment. While the current environment is challenging, these factors could contribute to an eventual recovery if market sentiment improves.
Final Thoughts
PEPE’s dramatic price drop highlights the volatility of the meme coin sector. While technical indicators point to a bearish trend, increased trading activity may hint at underlying interest in a potential recovery. Whether or not PEPE can reclaim key support levels will likely depend on broader market movements and traders’ appetite for risk.
For now, traders are watching closely to see if $0.0000079 holds as support or if the token faces deeper losses. A successful rebound could see PEPE targeting $0.00001752, but for that to happen, market conditions need to take a decisive turn for the better.
