The meme coin PEPE has extended its downtrend, falling 4.7% in the past 24 hours to trade at $0.00000939, as investor interest continues to shift away from high-risk altcoins toward Bitcoin and larger-cap assets. The decline comes even after brief rebounds and an earlier boost from Elon Musk’s public nod in April.
PEPE Faces Resistance as Market Sentiment Rotates
PEPE’s price has failed to sustain upward momentum in recent sessions, facing strong resistance at $0.00001013. Despite short-lived rallies, bearish sentiment is prevailing, reflecting a broader rotation in the crypto market. Analysts point to the token’s volatile intraday activity and lack of follow-through buying as signs of fading momentum.
“PEPE’s inability to break key resistance zones suggests waning hype and reduced retail participation.”
Bitcoin Dominance Hits 65%, Altcoins Take a Hit
The drop in PEPE mirrors a market-wide shift toward more established cryptocurrencies. Bitcoin dominance has surged past 65%, the highest level in over two years, signaling a major rotation from altcoins to BTC.
This trend is particularly bearish for meme coins and high-beta assets, which typically outperform in bull runs but underperform during risk-off conditions. Investors appear to be consolidating around safer, more liquid assets as macroeconomic uncertainty and regulatory headwinds persist.
Technical Analysis Snapshot
- PEPE-USD traded in a 16.1% intraday range, moving from $0.00001017 to $0.00000940 between June 25–26.
- A short-term support zone formed between $0.00000946 and $0.00000950, with repeated bounces on moderate volume.
- A sharp spike of 91.9 trillion units at 07:17 UTC triggered a brief 3.1% rally before prices retraced.
- Price closed lower in the final hour of analysis, slipping 0.9% from $0.00000959 to $0.00000955, suggesting profit-taking pressure.
Is the Meme Coin Era Slowing Down?
While Elon Musk’s endorsement back in April momentarily reignited interest, PEPE has struggled to retain momentum in a market now dominated by Bitcoin-led gains. Unless retail euphoria returns or broader altcoin sentiment improves, PEPE may continue facing downward pressure.
For now, $0.00000946 remains a key level to watch. A decisive break below could invite further selling, while reclaiming $0.00001013 may revive bullish hopes.
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.