The memecoin market continues to face turbulence, with PEPE leading the sector’s recent decline. PEPE fell nearly 5% in the last 24 hours, dropping from $0.000012023 to $0.00001119 as bearish pressure and high-volume trading triggered a wave of liquidations.
Whale Activity and Weak Demand Drive Price Lower
According to trading data, PEPE’s price action was heavily influenced by large-scale whale selling, which coincided with a lack of strong buying support. Attempts to push the price higher were repeatedly rejected near $0.000011692, a level that now appears to act as resistance.
Trading volume peaked at 6.91 trillion tokens in a single hour, highlighting the intensity of market activity but also underscoring the weakness in buyer momentum.
Memecoin Sector Underperforms Broader Crypto Market
PEPE’s downturn is part of a broader trend among meme-based cryptocurrencies, which have underperformed relative to large-cap coins like Bitcoin and Ethereum in recent sessions.
The memecoin sector has fallen over 6% on average, reflecting a shift in sentiment as traders grow cautious about high-risk tokens.
While large-cap assets remain relatively stable, retail traders appear to be reducing exposure to high-volatility altcoins, leading to increased pressure on speculative tokens like PEPE.
Support and Resistance Levels to Watch
As of now, PEPE is testing support near $0.00001110, with a potential downside target around $0.00001050 if sellers maintain control.
To reverse the current trend, PEPE needs to reclaim and hold above the $0.00001170 zone, which has served as a short-term resistance level amid recent volatility.
Can PEPE Rebound?
The near-term outlook for PEPE remains uncertain. Without renewed buying momentum or reduced whale activity, price pressure is likely to continue. However, if broader market sentiment improves, a short-term bounce is possible, especially given oversold technical conditions.
Until then, traders should watch volume and whale wallets closely, as both are driving short-term moves in PEPE.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.