PEPE continues its downward spiral, hitting a six-month low of $0.00000670. The sustained losses have seriously shaken investor confidence, prompting even hesitant holders to retreat.
The prolonged decline has created a difficult atmosphere, with sentiment largely leaning towards pessimism.
PEPE Investors Losing Faith
Short-term holders (STHs) have been exiting the market in the past month, reducing their participation from 11.5% to 7%. This 4.5% decrease reflects the reluctance to engage with PEPE at current prices.
Traders have been disheartened by the long-lasting downtrend, with recent investments resulting in losses.
While a low STH presence can sometimes stabilize the market, in this case, it highlights the growing negative outlook among PEPE investors.
The lack of fresh investments and holders' hesitation to re-enter indicate fragile sentiment, delaying any potential recovery.
PEPE’s macro momentum remains feeble, with technical indicators signaling sustained bearish conditions. The Relative Strength Index (RSI) has lingered in the bearish zone for over a month, underscoring continued selling pressure.
The absence of upward momentum implies that a recovery is unlikely in the near future.
Furthermore, worsening market conditions have worsened PEPE’s decline. Without a shift in broader economic or crypto market trends, the meme coin may continue to face pressure. Unless key resistance levels are broken, bearish dominance is anticipated to persist.
PEPE's price has dropped to $0.00000670, holding above the critical support at $0.00000632. At a six-month low, the meme coin's downtrend shows no sign of reversal. Continued bearish pressure could see PEPE losing its support and dropping further.
If $0.00000632 is breached, PEPE could potentially dip below $0.00000600, extending losses towards the next support level at $0.00000587. Without a significant reversal, PEPE might deepen investor losses on its downward trajectory.
The only scenario to counter this bearish trend is for PEPE to reclaim the crucial resistance at $0.00000951 as support. A breakout beyond this level would enhance the likelihood of PEPE returning to $0.00001000.
Nevertheless, before this turnaround can occur, PEPE must first surpass $0.00000718 and $0.00000839, which serve as key resistance levels towards recovery.