PEPE coin price is looking very bearish after a breakdown below the $0.00000084 level. Consequently, more downside is on the cards for the popular memecoin as investors’ focus moves to other digital assets. Nevertheless, the coin remains one of the biggest memecoins by market cap.
On Tuesday, PEPE crypto tanked more than 9% as the altcoins bled. The rise in Bitcoin dominance in the past few days suggests that the capital is moving from the altcoins to BTC. As a result, the recovery shown by most altcoins last week is fading.
PEPE Telegram Group Gets Hacked
According to the market tracking website Coingecko, PEPE is currently the 3rd biggest memecoin with a market capitalization of $313.5 million. At press time, the digital asset is trading at $0.00000074, which is 82.7% below its all-time high.
In September 2023, the PEPE Telegram group was hacked and eventually removed from the social media platform. The hackers posted malicious links in the group as a phishing attempt.
A look at the broader market sentiment suggests that the new memecoins are not performing very well anymore. This is because of the prevailing risk-off approach in the crypto and equities. Due to this reason, the PEPE coin price seems to have entered into a bearish accumulation.
PEPE Coin Price Technical Analysis
It is very difficult to predict the price action of a memecoin as it mostly depends on the social media hype. Performing advanced technical analysis on the following chart reveals that the PEPE coin price prediction has flipped bearish after a breakdown below the $0.00000084 level.
As long as Bitcoin dominance continues to rise, a significant recovery in altcoins seems unlikely. However, as the memcoins prices are mostly driven by the news, a major announcement may trigger a relief rally. The next major support level currently lies at $0.00000025, which is 66% below the current price.