After a brief rally over the weekend, top meme coin PEPE has given up all its gains, as bears take over again. According to data from CoinMarketCap, the PEPE price has added another zero and is changing hands for $0.00000692, down by 17.44% in the past 24 hours. PEPE has reached its lowest point in the past 90 days with this drawdown.
Is PEPE sell-off over?
PEPE is undergoing an intensive bearish slump, with all metrics in the red. Over the past week, the token has dropped by 9.86%, paring off the gains recorded from crypto reserve hype for altcoins. Thirty-day and 90-day sell-offs have topped 43.2% and 66.8%, respectively.
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Generally, this price action is often considered a pivot for any asset. Price data from TradingView shows that the Relative Strength Index (RSI) is pegged at 33, near the oversold level. In addition, the Moving Average Convergence Divergence (MACD) indicator shows a tendency for a potential rebound.
PEPE/USDT Price Chart. Source: TradingView via CoinMarketCap
The MACD and signal lines are currently entwined, setting the pace for a potential price breakout. Since PEPE is at its historic low this year, the odds of a reversal appear high.
Subtle PEPE boycott
The altcoin world is currently changing dramatically, with more recognition for meme coins. Notably, the United States Securities and Exchange Commission (SEC) released guidance recently, declaring that meme coins are not investment contracts.
This update, backed by industry leaders like Ripple CLO Stuart Alderoty, has validated the altcoins, setting the pace for more industry adoption. Thus far, Dogecoin and BONK have been featured in some ETF applications by asset managers like Rex-Osprey and Tuttle Capital.
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However, PEPE has yet to feature in any subtle boycott that might have stemmed from its price action in the past year. Despite this, PEPE proponents believe the meme coin occupies a unique segment of the market and is poised for a mega rally this altcoin season.
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