Pepe coin, the third-largest meme coin globally, has seen its price drop for three consecutive days. It hit a low of $0.00002117, the lowest since December 6. This decline occurred along with losses in the broader cryptocurrency market, where Bitcoin fell to $104,400 from its record high of $108,000 and the total market cap of all cryptocurrencies dropped 5% to $3.82 trillion. Pepe plunged in a high-volume environment with a 24-hour volume of $2.2 billion, exceeding Shiba Inu’s $725 million.
The current crypto sell-off is due to traders awaiting the Federal Reserve decision. Analysts expect the bank to cut interest rates for the third time this year and signal a pause next year. Interest rate decisions impact risky assets like stocks and cryptocurrencies. Nansen data reveals smart money leaving the market, with the number of tracked smart money traders holding Pepe dropping to about 95 from over 115 two weeks ago and their collective balance decreasing to 7.5 trillion tokens from 8 trillion last month.
The daily chart shows a bearish trend for Pepe. It initially had a falling wedge pattern (now invalidated) and has dropped below the ascending trendline since November 26 and formed a three red crows pattern. In the near term, if Pepe falls below the 50-day moving average at $0.00001933 and the Ichimoku cloud, the bearish trend will strengthen. A bullish reversal would be confirmed if it surpasses key resistance levels at $0.000026 (November 14 swing high) and the all-time high of $0.00002833.
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