Pepe USD (PEPE) is experiencing a downturn today, driven by a combination of market dynamics and technical indicators. The recent bearish sentiment in the broader crypto market, exacerbated by Bitcoin's decline, has put pressure on meme coins like PEPE. According to a report from CoinGape, PEPE has formed a bearish flag pattern on the daily chart, suggesting a potential further decline. This technical setup, coupled with a significant drop in futures open interest, indicates waning demand and a possible continuation of the downward trend.
Adding to the negative sentiment, the Federal Reserve's recent outlook for fewer rate cuts in 2025 has contributed to a risk-off environment, impacting cryptocurrencies across the board. Jerome Powell's comments dispelling rumors of a potential Bitcoin reserve have also played a role in the market's downturn. As a result, PEPE has been unable to maintain its previous momentum, with its price dropping significantly from its all-time high earlier this month.
The current price of PEPE is $0.000018, reflecting a 1.26% decrease today. The coin has fluctuated between a high of $0.000018 and a low of $0.000017.