Pepe (PEPE) is at an important point before the hard fall!

Popular memecoin Pepe (PEPE) has lost close to 10% of its value in the last 24 hours, sagging below a key support point.

The impact of profit-taking continues to be seen in the cryptocurrency market. The persistence of the leading cryptocurrency Bitcoin (BTC) above $40,000 did not benefit altcoins.

The fact that BTC approached $44,000 the other day and fell back to $43,000 with the wave of sales that came with it exacerbated the selling pressure in altcoins. The popular memecoin PEPE has lost close to 10% of its value in the last 24 hours. PEPE sagged below a key support point.

2023's favourite is weak in the new year: Pepe at critical corner

Pepe (PEPE), which came to the fore in 2023 and almost captured the crypto market, continues its downward trend in the new year. The PEPE, which could not find the attention it received last year, has lost 33 percent of its value since January 1, 2024.

A major factor in PEPE's decline was Bitcoin's trajectory and investor interest shifting to Solana memecoins. With the approval of spot Bitcoin ETFs, Bitcoin fell to $38,000 and tried to earn $40,000. The shifting interest in memecoins such as WIF and WEN, which were launched on the Solana network, has also affected PEPE. The PEPE, which has been pushed to the background in the general market outlook, has fallen by close to 10 percent in the last 24 hours.

PEPE moved below the area where buyers are concentrated, touching an important support point. With the break of the $0.000001 support, the PEPE price fell to $0.00000095. The critical support at $0.000001 has become a resistance point for PEPE to overcome. PEPE's decline was marked by the loss of support.

PEPE could turn bullish if it breaks through the $0.000001 resistance and makes this area a support point again. If PEPE holds on to the appetite zone between $0.00000103 and $0.00000106, it could test the $0.00000112 resistance in a short time. A break of this resistance point could push the PEPE price to $0.00000118. PEPE's other resistance points will be at $0.00000132 and $0.00000150.