PEPE Coin Faces Key Support Test Amid Market Sell-Off

Frog-themed cryptocurrency PEPE (PEPE) is facing mounting pressure as its price nears a crucial support level. The meme coin dropped 5.65% in the past 24 hours, currently trading at $0.000001247. Despite the daily dip, PEPE remains 8% higher over the week.

The broader crypto market is showing signs of fatigue following a recent rally, with top tokens stalling near resistance levels. Profit-taking and cautious sentiment are emerging, even amid ongoing optimism around ETFs, stablecoin growth, and mainstream crypto adoption.

According to CoinGlass, over $327 million in crypto positions were liquidated in the last 24 hours, with $272 million in long positions wiped out—underscoring the sudden shift in market dynamics. Traders are rotating assets and eyeing macroeconomic signals, contributing to heightened volatility.

PEPE’s technical outlook shows weakness as the price has slipped below its 200-day Simple Moving Average (SMA), a key indicator of long-term trend strength. If downward pressure continues, the 50-day SMA at $0.000001168 serves as the next critical support. A break below this level could push PEPE into dangerous territory—possibly “adding a zero” to its price, shifting it into the seventh decimal range.

Further downside could see PEPE test the June 5 low at $0.000001037. If this support fails, the meme coin may retrace back to its previous consolidation zone from late January to early May.

As the crypto market adjusts to changing conditions, PEPE holders should watch key technical levels closely. With sentiment turning cautious and liquidity drying up, the next few days may determine whether PEPE can hold its gains or reenter a longer bearish phase.