Pepe Crashes Nearly 26%: Further Downfall or A Recovery Ahead?
Pepe Crashes Nearly 26%: Further Downfall or A Recovery Ahead?
Pepe, the third largest memecoin suffered a significant drop of nearly 26% in the recent sessions.
Despite a sharp drop in the price, the user engagement curve has improved.
The broader market is facing a bearish wave which is pushing the price lower eroding the gains obtained in the last couple of weeks. The weakness has triggered a selloff in the meme coins as well, which performed extremely well in the previous months.
As the crypto markets turned bearish, major cryptocurrencies suffered a strong selling pressure including Pepe. Pepe, the third largest memecoin suffered a significant drop of nearly 26% in the last five sessions.
The recent selloff has triggered an uncertainty among the investors. Hence it's worth having a closer look at the price trajectory of memecoin to see whether the current state may continue to prevail or reverse.
Increasing User Engagement Could Propel Pepe Price higher
PEPE stands out in the meme coin market by leveraging the legacy of Pepe the Frog, a character with a rich and controversial history. The project's commitment to honoring this iconic figure sets it apart from other cryptocurrencies, enhancing its appeal within the crypto community.
<iframe title="Santiment Chart: Price (PEPE), Active Addresses 7d (PEPE), Active Addresses 24h (PEPE)" width="800" height="425" src="embed.santiment.net/chart?ps=pepe&pt=PEPE&df=2024-07-03T18:30:01.779Z&dt=2024-08-04T18:29:59.779Z&emcg=1&emhwm=1&wm=price_usd;active_addresses_7d;active_addresses_24h&wax=0&wc=#26C953;#FFCB47;#FF5B5B&ws={"node":"area"};;" scrolling="no"></iframe>
Despite a drop in the price, the analysts have noted a positive development in on-chain metrics: daily active address. As per the analysts, the 24 hours active address as well as 7 day active addresses have recorded an upward trajectory in the recent sessions.
The increasing number of active addresses highlights the rising user engagement in crypto. The active address metrics reflect the total number of unique addresses that have taken part in transactions within the stated time frame.
Can Pepe Bounce Back Or Suffer More?
The daily chart highlights a sharp selloff in the recent sessions. Pepe crypto is on a 5 day losing streak snapping off nearly 26%. Moreover, the reading volume has contracted by 10% to 792.8 Million a day.
From a technical standpoint, Pepe price has broken below the 20 and 50 day exponential moving average suggesting a weak outlook in the short term. However, the long term trend still supports the buyers side as the price currently leads the 200 day EMA by 3%.
On the lower side, the 200 day EMA and $0.0000084 may act as a crucial level for the crypto. Now, if the bulls establish their presence near the support zone, then pepe may take a rebound and recover the losses.
On the contrary, if the selling pressure continues to dominate and the sellers drive the price below the recent support of $0.0000084 it may widen the losses and the crypto may suffer again.
What’s Next For Pepe?
Recently, the broader market's bearish trend has triggered a selloff in the market. Pepe, the third-largest memecoin, experienced a drop of 26% over the last five sessions. Despite this, on-chain metrics show a rise in daily and weekly active addresses, indicating high user engagement.
Furthermore, the daily chart reveals a sharp selloff, with Pepe breaking below the 20 and 50-day EMAs, suggesting short-term weakness. Still the price was maintained above the 200-day EMA, indicating long-term support. Key support levels are at the 200-day EMA and $0.0000084. If bulls hold these levels, a rebound is possible. otherwise, further losses may occur.
Pepe, the third largest memecoin suffered a significant drop of nearly 26% in the recent sessions.
Despite a sharp drop in the price, the user engagement curve has improved.
The broader market is facing a bearish wave which is pushing the price lower eroding the gains obtained in the last couple of weeks. The weakness has triggered a selloff in the meme coins as well, which performed extremely well in the previous months.
As the crypto markets turned bearish, major cryptocurrencies suffered a strong selling pressure including Pepe. Pepe, the third largest memecoin suffered a significant drop of nearly 26% in the last five sessions.
The recent selloff has triggered an uncertainty among the investors. Hence it's worth having a closer look at the price trajectory of memecoin to see whether the current state may continue to prevail or reverse.
Increasing User Engagement Could Propel Pepe Price higher
PEPE stands out in the meme coin market by leveraging the legacy of Pepe the Frog, a character with a rich and controversial history. The project's commitment to honoring this iconic figure sets it apart from other cryptocurrencies, enhancing its appeal within the crypto community.
<iframe title="Santiment Chart: Price (PEPE), Active Addresses 7d (PEPE), Active Addresses 24h (PEPE)" width="800" height="425" src="embed.santiment.net/chart?ps=pepe&pt=PEPE&df=2024-07-03T18:30:01.779Z&dt=2024-08-04T18:29:59.779Z&emcg=1&emhwm=1&wm=price_usd;active_addresses_7d;active_addresses_24h&wax=0&wc=#26C953;#FFCB47;#FF5B5B&ws={"node":"area"};;" scrolling="no"></iframe>
Despite a drop in the price, the analysts have noted a positive development in on-chain metrics: daily active address. As per the analysts, the 24 hours active address as well as 7 day active addresses have recorded an upward trajectory in the recent sessions.
The increasing number of active addresses highlights the rising user engagement in crypto. The active address metrics reflect the total number of unique addresses that have taken part in transactions within the stated time frame.
Can Pepe Bounce Back Or Suffer More?
The daily chart highlights a sharp selloff in the recent sessions. Pepe crypto is on a 5 day losing streak snapping off nearly 26%. Moreover, the reading volume has contracted by 10% to 792.8 Million a day.
From a technical standpoint, Pepe price has broken below the 20 and 50 day exponential moving average suggesting a weak outlook in the short term. However, the long term trend still supports the buyers side as the price currently leads the 200 day EMA by 3%.
On the lower side, the 200 day EMA and $0.0000084 may act as a crucial level for the crypto. Now, if the bulls establish their presence near the support zone, then pepe may take a rebound and recover the losses.
On the contrary, if the selling pressure continues to dominate and the sellers drive the price below the recent support of $0.0000084 it may widen the losses and the crypto may suffer again.
What’s Next For Pepe?
Recently, the broader market's bearish trend has triggered a selloff in the market. Pepe, the third-largest memecoin, experienced a drop of 26% over the last five sessions. Despite this, on-chain metrics show a rise in daily and weekly active addresses, indicating high user engagement.
Furthermore, the daily chart reveals a sharp selloff, with Pepe breaking below the 20 and 50-day EMAs, suggesting short-term weakness. Still the price was maintained above the 200-day EMA, indicating long-term support. Key support levels are at the 200-day EMA and $0.0000084. If bulls hold these levels, a rebound is possible. otherwise, further losses may occur.
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