Pepe Collapse Imminent? $PEPE Price Approaches Monthly Low – Here’s the Latest
The price of Pepe ($PEPE), the third largest meme coin on the market and the biggest in the non-doge category has crashed 9.5% overnight, posting the largest losses among the sector’s big three.
At $PEPE’s current price of $0.000007301, it’s about 15.4% down from its price seven days ago.
This makes for larger intraday and intra-week losses than market leader Dogecoin ($DOGE) and its number one contender, Shiba Inu ($SHIB).
In comparison, $DOGE fell 4.5% overnight and 4.6% over the week to trade at $0.1001 as of this writing.
$SHIB posted a 3.8% loss on the day and a 5.5% loss on the week to hit a current price of $0.00001326.
If $PEPE continues to fall down past its one-month low of $0.00000603 posted on August 5, the $3 billion market cap meme coin may face some stiff competition for a flipping by its $1.5 billion cap rival DogWifHat ($WIF), although the latter is also crashing today—$WIF is currently down 12% overnight and 24% over the week.
For the last three months of trading, $PEPE has faced stiff resistance around $0.0000135, and lost the crucial $0.00001 footing at the end of last week. Support has been falling for the token.
The drop-off was catalyzed by a heavy market crash on Monday August 5 as macro-economic uncertainty gripped the world amid a heavy asset sell-off and growing fears about the potential for wider conflict in the Middle East.
With a relative strength index (RSI) of 34 and falling, $PEPE is now oversold and trading slightly below its 30-day moving average. Investors should be aware of the possibility of a further selloff and more losses over the weekend, although at the time of writing, $PEPE advanced 1.4% within an hour.
As a low-utility meme coin, Pepe’s price typically exaggerates the performance
Read more on cryptonews.com
