{"id":537441,"date":"2023-06-12T08:34:56","date_gmt":"2023-06-12T08:34:56","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=537441"},"modified":"2023-06-12T08:34:56","modified_gmt":"2023-06-12T08:34:56","slug":"pepecoin-price-drops-breaking-key-support-level-further-downfall-ahead","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/pepecoin-price-drops-breaking-key-support-level-further-downfall-ahead\/","title":{"rendered":"Pepecoin Price Drops, Breaking Key Support Level – Further Downfall Ahead?"},"content":{"rendered":"

Pepecoin (PEPE) has been grappling with a prolonged correction trend, finding itself caught in the midst of heightened selling pressure prevailing throughout the cryptocurrency market.\u00a0<\/span><\/p>\n

As the downtrend persists, new lower lows and lower highs have solidified the notion of an established downward trajectory for this peculiar meme coin. In the latest turn of events, the price of PEPE recently breached yet another local support level, dropping below $0.00000096.\u00a0<\/span><\/p>\n

With this significant breach, an ominous question arises: Is the frog-themed token headed for further downfall or could there be a potential reversal in store for this once-popular coin.<\/span><\/p>\n

Pepecoin Price Takes A Beating As Social Volume Declines<\/strong><\/h2>\n

Pepecoin (PEPE) has undergone a substantial price decline, as evidenced by data provided by <\/span>CoinGecko<\/span><\/a>, which indicates a decrease of 4.9% within the past 24 hours. Moreover, PEPE has witnessed a significant slump of 25.7% over the course of the last seven days, further emphasizing the cryptocurrency’s continued downward trajectory.<\/span><\/p>\n

\"\"<\/p>\n

Source: Coingecko<\/pre>\n
Despite the disappointing state of PEPE’s value, its social volume has remained relatively high throughout the previous week. However, this metric has reached its lowest point at the time of writing, marking a trend that began on June 8.<\/span><\/p>\n
Related Reading: BNB Displays Short-Term Bullish Momentum Amidst Massive Binance Outflows<\/a><\/div>\n
Social volume refers to the measurement of search volume associated with an asset. Therefore, the recent decrease in social volume suggests that the fervent pursuit of this meme-based coin has diminished.<\/span><\/p>\n
\"\"<\/p>\n
PEPE Social Volume. Source: Santiment<\/pre>\n
Declining Network Growth Raises Concerns For PEPE<\/strong><\/h2>\n
PEPE\u2019s <\/span>potential for another price hike<\/span><\/a> is further challenged as on-chain data reveals a decline in network growth. Traditionally, network growth serves as a metric to monitor the number of new addresses adopting a token.<\/span><\/p>\n
Related Reading: Bleak Dogecoin (DOGE) Social Sentiment Raises Questions About Price Reversal<\/a><\/div>\n
As of June 10, the network growth indicator was recorded at 287, signaling a notable decrease. This decline suggests that PEPE’s previous effective strategy for gaining popularity has lost its effectiveness.<\/p>\n
The recent development in the PEPE market reveals a rather modest increase in the number of holders, with approximately 7,000 new individuals joining the ranks. Although this figure may seem relatively small in the grand scheme of things, it does provide a glimmer of positivity for the short-term price outlook of PEPE.<\/p>\n
<\/p>\n
Crypto total market cap currently at $1.01 trillion on the daily chart at TradingView.com<\/a><\/pre>\n
The addition of these new holders suggests that there is a certain level of interest or confidence in the market, which could be influenced by various factors such as positive news developments or favorable market sentiment.<\/p>\n
However, it’s important to note that the impact of these new holders on the price of PEPE may not be substantial on its own, as other market dynamics and external factors will also come into play.<\/p>\n
Uncertain Outlook For PEPE Amidst Challenging Market Conditions<\/strong><\/h3>\n
Looking ahead, Pepecoin faces an uphill battle<\/a> in revitalizing its fortunes. The figures below show that the coin has been soaked in red since the last month, a sign that more pain could be on the horizon.<\/span><\/p>\n
\"\"<\/p>\n
Source: Coingecko<\/pre>\n
Meanwhile, with limited growth in the number of holders and minimal positive expectations for the short-term price, PEPE must navigate the challenging landscape of the crypto market.\u00a0<\/span><\/p>\n
It will require innovative strategies and unique value propositions to regain investor confidence and attract new participants.<\/span><\/p>\n
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk)<\/em><\/p>\n
Featured image from Brian Gray\/Aquarium of the Pacific<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Pepecoin (PEPE) has been grappling with a prolonged correction trend, finding itself caught in the midst of heightened selling pressure prevailing throughout the cryptocurrency market.\u00a0 As the downtrend persists, new lower lows and lower highs have solidified the notion of an established downward trajectory for this peculiar meme coin. In the latest turn of events, the price of PEPE recently breached yet another local support level, dropping below $0.00000096.\u00a0 With this significant breach, an ominous question arises: Is the frog-themed token headed for further downfall or could there be a potential reversal in store for this once-popular coin. Pepecoin Price Takes A Beating As Social Volume Declines Pepecoin (PEPE) has undergone a substantial price decline, as evidenced by data provided by CoinGecko, which indicates a decrease of 4.9% within the past 24 hours. Moreover, PEPE has witnessed a significant slump of 25.7% over the course of the last seven days, further emphasizing the cryptocurrency’s continued downward trajectory. Source: Coingecko Despite the disappointing state of PEPE’s value, its social volume has remained relatively high throughout the previous week. However, this metric has reached its lowest point at the time of writing, marking a trend that began on June 8. Related Reading: BNB Displays Short-Term Bullish Momentum Amidst Massive Binance Outflows Social volume refers to the measurement of search volume associated with an asset. Therefore, the recent decrease in social volume suggests that the fervent pursuit of this meme-based coin has diminished. PEPE Social Volume. Source: Santiment Declining Network Growth Raises Concerns For PEPE PEPE\u2019s potential for another price hike is further challenged as on-chain data reveals a decline in network growth. Traditionally, network growth serves as a metric to monitor the number of new addresses adopting a token. Related Reading: Bleak Dogecoin (DOGE) Social Sentiment Raises Questions About Price Reversal As of June 10, the network growth indicator was recorded at 287, signaling a notable decrease. This decline suggests that PEPE’s previous effective strategy for gaining popularity has lost its effectiveness. The recent development in the PEPE market reveals a rather modest increase in the number of holders, with approximately 7,000 new individuals joining the ranks. Although this figure may seem relatively small in the grand scheme of things, it does provide a glimmer of positivity for the short-term price outlook of PEPE. Crypto total market cap currently at $1.01 trillion on the daily chart at TradingView.com The addition of these new holders suggests that there is a certain level of interest or confidence in the market, which could be influenced by various factors such as positive news developments or favorable market sentiment. However, it’s important to note that the impact of these new holders on the price of PEPE may not be substantial on its own, as other market dynamics and external factors will also come into play. Uncertain Outlook For PEPE Amidst Challenging Market Conditions Looking ahead, Pepecoin faces an uphill battle in revitalizing its fortunes. The figures below show that the coin has been soaked in red since the last month, a sign that more pain could be on the horizon. Source: Coingecko Meanwhile, with limited growth in the number of holders and minimal positive expectations for the short-term price, PEPE must navigate the challenging landscape of the crypto market.\u00a0 It will require innovative strategies and unique value propositions to regain investor confidence and attract new participants. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk) Featured image from Brian Gray\/Aquarium of the Pacific<\/p>\n","protected":false},"author":557,"featured_media":537452,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1144,8686,83767,88215,88156,4735],"class_list":["post-537441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-btcusd","tag-ethusd","tag-meme-coins","tag-pepe-price","tag-pepecoin","tag-price-action"],"acf":[],"yoast_head":"\nPepecoin Price Down, Breaking Support Level - Downfall Ahead?<\/title>\n<meta name=\"description\" content=\"Pepecoin (PEPE) has been grappling with a prolonged correction trend, finding itself caught in the midst of heightened selling pressure prevailing\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/shenyangcang.com\/news\/pepecoin-price-drops-breaking-key-support-level-further-downfall-ahead\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pepecoin Price Down, Breaking Support Level - 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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