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PEPE Losses Pile Up As Weekly Losses Near 25%

PEPE coin price continued its poor form on Friday, declining by 4.7% to trade at 0.00000659 at press time. The decline marks the fourth day this week that the meme coin has printed red, signaling a bearish sentiment around it. The coin has lost 24.5% of its value in the last week at a time when the rest of the crypto market is doing relatively well.  

Considering that it set its all-time-high price just three weeks ago, PEPE has experienced quite a wild ride. The current downturn is partly attributed to the ATH rally which has seen some investors cash in on the high prices. However, despite its decline in recent days, PEPE is still standing substantially high. PEPE holders who bought their assets at the beginning of the year are 325% in profit. For context, Bitcoin has gained 56% this year. Looking ahead, the impending halving event could see Bitcoin pull the rest of the crypto market with it as the April 19th date approaches. In the intervening period, however, more PEPE holders could cash in on the profit, leading to further declines. In addition, the fact that the price is still high relative to its position three months ago means that it might be an expensive buy for some investors. That could slow down potential gains by the token.

Technical analysis

PEPE coin is currently on a downward momentum, with the RSI currently below 50. Furthermore, it faces resistance at 0.00000676, and will need to break above this mark to rally upwards. With the resistance at that level, the token is likely to break the support at 0.00000656 and potentially head lower to test 0.00000635 in extension. Alternatively, PEPE will get upward momentum if it stays above 0.00000676. That could see it head up to breach the resistance at 0.00000697 and potentially test 0.00000714 in extension.