With the price of Bitcoin dropping below its important support level of $68,000, the memecoin category has experienced a bloodbath with top memecoins losing significant value in their respective portfolios.
Furthermore, the Pepe token continues to display a strong bearish price action by recording a correction of approximately 2% within the past day and 13.96% over the past week.
With the increased bearish sentiment, will Pepe Price retest its ATH or Plunge toward its crucial support level of $0.00000880 this June? Dive in as, in this article, we have covered the market sentiments and price analysis of Pepe memecoin for this week.
After displaying a weak price action for over a week, the Pepe crypto regained momentum and recorded a surge of 157.85% before experiencing a pullback at the resistance of $0.00001150.
The bulls regained momentum at its support level of $0.00000880, following which the memecoin recorded a 2X run within the next eight days and recorded a new ATH of $0.00001718 on 27th May.
However, the Pepe memecoin recorded a strong bearish reversal after recording a new all-time high (ATH) during the previous week. Since then, the Pepe coin price has been trading under a negative influence, indicating increased selling pressure for the memecoin in the crypto market.
The technical indicator, MACD, displays a significant rise in the red histogram, indicating increased selling pressure for the altcoin in the crypto space. Moreover, the averages show a sharp plunge, suggesting the price will continue losing value in the coming time.
If the market holds the price above the support level of $0.00001150, the bulls will regain momentum and the PEPE price will test its resistance level of $0.00001410. Further, if the bulls hold the price at that level, the Pepe memecoin will prepare to retest its previous ATH this month.
Conversely, if the bears gain momentum, the Pepe coin price will break down its support level of $0.00001150 and head toward its crucial support level of $0.00000880 during the upcoming weeks.
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