PEPE Meme Coin Plummets to Six-Month Low Amid Bearish Sentiment and Technical Weakness

PEPE, a popular meme coin, has been experiencing a prolonged downtrend for the past four months, reaching a six-month low of $0.00000670. This sustained decline has significantly eroded investor confidence, leading to a bearish sentiment among holders. The extended drawdown has created a challenging environment, with sentiment remaining overwhelmingly bearish.

Short-term holders (STHs) have been exiting the market over the past month, with their participation dropping from 11.5% to 7%, a 4.5% decline. This reflects the growing reluctance to engage with PEPE at current price levels. The prolonged downtrend has discouraged traders, as any recent investments have resulted in losses. Typically, a low STH presence can be seen as a stabilizing factor, reducing volatility. However, in this case, it highlights rising pessimism among PEPE investors. The absence of new inflows and the reluctance of holders to re-enter suggest that sentiment remains fragile, further delaying any potential recovery.

Technical indicators signal persistent bearish conditions for PEPE. The Relative Strength Index (RSI) has remained stuck in the bearish zone for over a month, indicating continued selling pressure. The lack of upward momentum suggests that recovery remains unlikely in the near term. Additionally, worsening broader market conditions have exacerbated PEPE’s decline. Without a shift in macroeconomic or crypto market trends, the meme coin could remain under pressure. Until key resistance levels are breached, bearish dominance is expected to persist.

PEPE’s price has fallen to $0.00000670, holding above the critical support of $0.00000632. Sitting at a six-month low, the meme coin’s four-month-long downtrend shows no signs of reversal. If bearish pressure continues, PEPE could lose its support and sink further. A breach of $0.00000632 would likely result in PEPE falling below $0.00000600. This could extend losses further, pushing the price toward the next support at $0.00000587. Without a strong reversal, PEPE may continue its downward trajectory, deepening investor losses.

The only way to invalidate this bearish outlook is if PEPE reclaims the crucial resistance of $0.0000