Pepe the Frog Memecoin Exhibits Solid Negative Price Action, Market Cap Recedes by 16%

Over the past week, Pepe, a frog-themed memecoin, has exhibited solid negative price action, with its value receding by over 16%.

Pepe, a frog-themed memecoin, has had a rough week, with its price dropping by over 16%. This pessimism is also reflected on the daily chart.

At press time, the PEPE token was trading at $0.056987, emerging as today’s top loser with a decline of over 12%. As a result, its intraday market cap has also been impacted, stabilizing around the $2.939 billion mark.

This negative sentiment can be attributed to the overall bearish mood within the meme coin market, which saw a 5.98% ebb to the $36.31 billion level in a single day. Despite this decline, the asset has maintained its position as the 24th most prominent crypto in market capitalization.

On the other hand, the meme coin’s 24-hour trading volume sharply contrasted with the bearish sentiment, surging massively by 61.32% to $760.708 million. This indicates increased trading activities in the PEPE market despite the general market slowdown.

PEPE Price History

As tracked on TradingView, Pepe has been on a sustained bearish trend since reaching its all-time high of $0.00001718 three months ago. This decline has forced the meme coin to retest its previous lows multiple times, showing signs of struggling to break out of the downward trend.

Following the market downturn on August 5, the frog token experienced a momentum shift, driving its price up by over 50% toward the $0.000008739 mark, a key resistance level.

However, upon reaching this level, the frog memecoin faced substantial selling pressure, resulting in a pullback aimed at retesting its recent low of approximately $0.00006931.

Can $0.00006931 Low Hold

Adding to the bearish outlook, market analysts suggest that the memecoin is currently in a third bearish wave of the ABCD pattern. The asset could retest the $0.000005856 support level should this scenario come into play.

The 50-day and 200-day moving averages, above the meme coin’s current values of $0.000009998 and $0.000008282, respectively, further support this bearish sentiment.

On the brighter side, if the $0.00006931 low holds and PEPE’s price rebounds, there could be a chance for a bullish reversal, potentially challenging the key resistance at $0.000008739. A breach above this level could solidify PEPE’s upward trend, with the potential to target higher resistance around the $0.00009823 mark.

Also Read: Memecoin mayhem: Why Dogecoin and Shiba Inu are taking a tumble?

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