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A sudden collapse of the PEPE coin removes it from the list of the 20 largest digital currencies. Is the rise over?

I witnessed Meme coin (PEPE) declined sharply by 15% over the past few days, causing Litecoin (LTC) to overtake it in market capitalization and eliminate it from the market. List of the 20 largest cryptocurrencies.

Although the price of PEPE increased significantly in May, the currency saw a notable decline in the final days of the month. The month started at $0.0000061 and by the start of this week, the cryptocurrency's value had nearly tripled to above $0.0000170.

Since reaching this high on Monday, the value of the toad coin has fallen sharply to around $0.0000143. Which means its value has decreased by more than 15% from its highest level.

Despite the sudden decline of PEPE PriceHowever, the currency's trading volume has increased significantly over the past 24 hours. It reached $2.47 billion, an increase of 216% from the start of the month.

This increase in trading volume indicates increased trader interest in the currency, despite the recent decline in its price.

The impact of PEPE on the meme market

Some traders believe the frog meme is leading the entire meme market trend, but others remain skeptical about its sudden drop after recently hitting new highs on May 27. As Pepe's price fell, the two largest coins by market capitalization, Dogecoin DOGE and Shibainu SHIB, saw their prices fall over the same period.

Believes Cryptocurrency trader Michael Pizzino said Pepe's near-term high should serve as a warning sign if it fails to maintain these levels.

Even if the PEPE part It continues to dominate in terms of overall percentage of holders holding Unrealized profitsHowever, this may be the reason why the asset suffered a collapse recently. Where speculators seek to make their profits.

PEPE price technical forecast

Daily Pepe Price Chart Source: commercial view

Technically, the price of PEPE moves along an upward trend line, and we see that it often respects technical levels on the daily chart. The recent decline stopped/closed at the 23.6% Fibonacci level, putting it within... Normal correction range.

The decline was strong, because the rise was also strong.

If PEPE price continues to correct, the next support level is Fibonacci 38.2 at $0.00001216. The closer it is to the uptrend line, the stronger it is.

Breaking the uptrend line could mean the end of the current bullish wave, especially if it closes below Fibonacci 61.8 at $0.000009.

It is considered a collapse PEPE part The latter recalls the risks associated with investing in the same coins, which are characterized by significant price fluctuations. Although PEPE still has a high profitability rate. However, one must be very careful when trading and speculating in this type of digital currencies, because one must remember that their purpose is, above all, entertainment and gaming.

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