Pepe Coin (PEPE) has faced significant downward pressure today, driven by broader market turbulence and macroeconomic uncertainties. The Federal Reserve's hawkish stance has led to a sell-off in high-risk assets, including memecoins like PEPE. This has resulted in a notable increase in leveraged short positions, with traders betting on further declines. The bearish sentiment is further exacerbated by the broader crypto market's reaction to strong U.S. employment data, which has pushed treasury yields higher and reduced liquidity in risk markets.
Despite the challenging market conditions, some PEPE investors remain optimistic about the coin's long-term potential. A shift from short-term to mid-term holding patterns among investors suggests a maturing market sentiment, with many choosing to hold rather than sell during the downturn. However, the technical outlook remains bearish, with PEPE's price struggling to maintain critical support levels. Analysts warn that a breakdown below the $0.000017 support could lead to further declines, potentially testing the $0.000015 threshold.
Pepe Coin's price has dropped by 4.63% today, currently trading at $0.000018. The token reached a high of $0.000019 and a low of $0.000017 during the day.