PEPE to $0.00001 Journey Faces Unexpected Resistance, What's Next?

Pepe ($PEPE) has seen 22.67% growth in price in the last seven days as the meme coin pushed to erase one zero from its value. Despite this significant move, the frog-themed coin has suffered rejection on the broader cryptocurrency market.

Resistance at $0.0000090 halts $PEPE momentum

Per CoinMarketCap data, $PEPE faced rejection at the $0.0000090 price level. Although the meme coin momentarily breached this price and climbed to $0.00000902, market dynamics could not support the push for higher levels.

Notably, $PEPE investors and members of the ecosystem did not actively trade the coin as the price surged upwards.

The trading volume recorded a 13.93% decline to $747.7 million within the last 24 hours. This pullback by market participants when the coin was on the verge of erasing a zero marks a setback for the meme coin.

As of press time, $PEPE was changing hands at $0.000008772 as the meme coin struggles to find support that could serve as a rebound base.

The development is concerning for investors in $PEPE, given that it is undoing the gains recorded in the past seven days. Although the price volatility is still far from the $0.000007181 range from which it bounced, $PEPE could plummet fast.

Whale activity might influence $PEPE’s short-term rally

To reverse this downward spiral, $PEPE’s bulls need to reenter the market and attempt to rekindle the interest they sparked recently. If the frog-themed meme coin sees enough transactions from its most prominent backers, it could return to erasing a zero.

It might also help if $PEPE whales refrain from dumping the token on the market, as that could create sell pressure. If large holders, however, go on a massive accumulation spree, it could ease the pressure on the coin.

Market observers are monitoring $PEPE's price movement, as a decline to $0.0000084 from its current level could undo previous gains.