As the United States Dollar (USD) strengthened despite the government still being on lock-down mode, Ether’s (ETH) dip to $3.2K pushed its native meme coins down even harder. The largest ETH meme coin besides Shiba Inu (SHIB), the frog-themed PEPE Token (PEPE), slipped 43% in a single month.
Key Reason Why PEPE Ended Up In Bearish Swamp
On top of that, this puts PEPE’s price at an enormous 79.9% pullback from the all-time high (ATH), hit 11 months ago. The trading volumes have also dwindled massively, going from a billion on an average day to just above $300 million on Thursday, according to CoinGecko.
Surely, this aligns with the broader trend in the meme coin section, as Solana’s Bonk Coin (BONK) the higher-ranked Shiba Inu (SHIB) both incurred more drastic downswings since October, despite popular analysts like Ali Martinez drawing a bearish PEPE price projection.
Bull Trap Or Bottom Buy Opportunity In Plain Sight?
Presently, PEPE Coin’s (PEPE) technical setup hints at a few strong signs of a price bottom. For one, the Parabolic Stop & Reverse (SAR) meter has flipped to bullish, flashing a ‘buy’ signal on the 4-hour charts. It bears mentioning that SAR isn’t self-sufficient to decide the short-term mood, as trading volumes and whale sentiment must be factored in.
Finding the local bottom at $0.00000520, PEPE Token (PEPE) now nears the Exponential Moving Average (EMA). In case of crossing over the blue trend-line that’s at $0.00000569, PEPE’s price could be heading to $0.00000700, aligning with the first targets on the Fibonacci Retracement tool. Then, a reclaim of the Fib 0.5 level would flip the trend bullish.
After intense profit-taking in the inaugural days of November, the concerning trend had slowed down. Since Wednesday, the crypto whale behavior-tracking device known as the Chaikin Money Flow (CMF) started displaying positive figures again. Pulling back a whopping 79.9% since the all-time peak of $0.00002803, PEPE’s whales expect the tides to turn.
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People Also Ask:
Heavy whale selling, market rotation to Bitcoin, and a head-and-shoulders pattern triggered the drop from $0.00002840.
Possible— key support levels like $0.00000550 are being tested; a hold could signal a reversal to $0.00000700 and beyond.
Maybe—check if it reaches the 0.5 Fib level first. Bitget rates it a “Sell” short-term, but a bounce could be near if sentiment shifts.
Open interest (OI) on Perpetuals dropped from $1.02B to $256M, and meme coin hype faded as Bitcoin hit $103,436 today.
Yes—further price drops to $0.000001540 are possible if the current support line fails; markets are super volatile right now.