PEPE’s rollercoaster ride continues on a downward slope, recently hitting a worrying low of $0.00000670 – a price point not seen in six months. This meme coin’s persistent slump is really shaking things up, causing even those who were on the fence to jump ship and sell off their holdings.

This prolonged dip has created a pretty gloomy atmosphere, and right now, the overall feeling in the market is definitely leaning towards the negative.

PEPE Slumps to 6-Month Low, Recovery Setback

It looks like the short-term traders are losing patience. Over the past month, many of them have decided to exit the PEPE market. Their involvement has shrunk from 11.5% down to just 7% – that’s a noticeable 4.5% drop. This really highlights how hesitant people are to get involved with PEPE at these current prices.

This extended period of price declines has been tough on traders, as pretty much any recent attempt to invest in PEPE has unfortunately ended in losses.

Typically, when fewer short-term traders are active, it can actually help stabilize a cryptocurrency and reduce price swings. However, in PEPE’s case, this low participation rate is actually signaling growing worry and pessimism among investors.

With no fresh money coming in and existing holders unwilling to jump back in, it’s clear that market confidence is still fragile. This lack of enthusiasm is likely pushing any hopes of a quick price rebound further down the road.

Looking at the bigger picture, PEPE’s momentum is still weak, and if you check the technical indicators, they’re still flashing red, showing we’re stuck in bearish territory. The Relative Strength Index (RSI) has been stuck in the ‘oversold’ area for over a month now, which means sellers are still dominating the market.

Without any signs of upward movement, it doesn’t look like a recovery is on the horizon anytime soon.

To make matters worse, the overall crypto market hasn’t been doing great either, which has only made PEPE’s situation even more difficult. Unless we see a change in the broader economic climate or within the crypto market in general, PEPE could continue to face downward pressure. Until we manage to break through some key price barriers, it seems like the bears will remain in control.

The PEPE Downtrend Continues

PEPE’s price has now dipped to $0.00000670, but it’s still clinging to the important support level of $0.00000632. Sitting at this six-month low, PEPE’s four-month-long decline is showing no signs of letting up. If this selling pressure persists, PEPE could lose its footing at this support level and potentially fall even further.

If PEPE breaks below $0.00000632, we could see it drop even further, possibly even below $0.00000600. This kind of drop could extend the losses and push the price closer to the next support level around $0.00000587. Without a strong turnaround soon, PEPE’s downward journey might continue, unfortunately leading to even greater losses for investors.

The only way to change this negative outlook is if PEPE can fight back and reclaim the crucial resistance level of $0.00000951, turning it into a new support. If PEPE can successfully break above this level, it would significantly improve the chances of it bouncing back up towards $0.00001000.

However, before we can even think about that, PEPE first needs to overcome the immediate hurdles at $0.00000718 and then $0.00000839. Both of these price points are currently acting as key resistance levels on the path to any potential recovery.