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Pepe Coin price continued its strong downward trend, reaching its lowest level since October 10 as the crypto market crash accelerated. It has plunged by over 72% from the highest point in May, bringing its market capitalization to $1.95 billion, down from the all-time high of over $10 billion.
The daily timeframe chart shows that the Pepe Coin price has been in a strong downward trend in the past few weeks, moving from a high of $0.00001670 to the current $0.0000046.
It has moved below the important support level at $0.00000592, the lower side of the inverse cup-and-handle pattern, a popular continuation sign. Pepe has remained below the Supertrend indicator, signaling that bears remain in control.
The coin formed a death cross pattern in August as the 50-day and 200-day Exponential Moving Averages (EMA) crossed each other. Top oscillators like the Relative Strength Index (RSI) and the MACD have continued falling.
Therefore, the Pepe Coin price will likely continue falling as sellers target the key support at $0.000002780, its lowest level in October this year. On the flip side, a move above the important resistance level at $0.00000592 will invalidate the bearish outlook.
Pepe price chart | Source: TradingView
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Pepe token price has potential bearish catalysts in the near term. The first notable one is that the supply of tokens on exchanges is rising, a sign that investors are selling their tokens. There are now 249.36 trillion tokens in exchanges, up from the November 6 low of 248.75 trillion.
At the same time, smart money investors have continued dumping their tokens in the past few weeks. These investors now hold 218 billion, down from 226 billion in October. That is a sign that these investors expect it to continue falling in the near term.
Pepe token’s demand has waned in the past few months. Its futures open interest has plunged to $179 million today, down from the July high of nearly $1 billion. The falling open interest is a sign that its demand has waned in the past few weeks.
Similarly, the volume in the spot market has dropped to $632 million, down from the July high of $5 billion. This is notable because Pepe was once one of the most popular meme coins in the market.
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