Usman Salis
The meme cryptocurrency PEPE has experienced a dramatic decline from its December peak, now trading at nearly one-fifth of its all-time high value amid broader market weakness.
PEPE (PEPE) Forms Death Cross as Bearish Momentum Intensifies
The frog-themed cryptocurrency PEPE has suffered a substantial price deterioration, dropping approximately 79% from its all-time high of $0.00002825 established in early December 2024. This downward trajectory has been further reinforced by the formation of a "death cross" pattern in February 2025—a technical indicator that occurs when the 50-day moving average crosses below the 200-day moving average, typically signaling strong bearish momentum.
Recent PEPE (PEPE) Performance Shows Continued Weakness
As of the latest data, PEPE has declined 8.65% in the past 24 hours to $0.00000596, extending its negative trend with an 11% decrease over the past week. The cryptocurrency touched an intraday low of $0.00000525, marking its lowest point since April 2024. This recent low coincided with a broader cryptocurrency market decline on Tuesday, driven by expectations of a sell-off in U.S. equities.
Market Liquidations Impact PEPE (PEPE) Amid $912 Million Crypto Wipeout
According to CoinGlass data, the cryptocurrency market has experienced $912 million in liquidations over the past 24 hours. Bullish positions accounted for $716 million of this total, while short liquidations amounted to $195 million. PEPE specifically reported over $2.2 million in liquidations during this period, highlighting the severity of the market movement.
Technical Indicators Suggest Potential PEPE (PEPE) Reversal
PEPE has been on a general downward trajectory since reaching its peak of $0.00002832 on December 9, 2024. This decline has caused PEPE to surrender key price levels, including its daily moving averages—the 50-day at $0.0000101 and the 200-day at $0.000013. However, potential reversal signals have emerged as the Relative Strength Index (RSI) on the daily chart has reached oversold levels below 30, which historically can precede a price rebound.
If PEPE manages to maintain support at the current level of $0.00005, a bounce from this zone could potentially trigger a significant rally. The cryptocurrency's price action in the coming days will likely be influenced by broader market sentiment as well as these technical factors.
Recent positive developments in the cryptocurrency space, including the creation of a U.S. Bitcoin reserve with additional stockpiles of other tokens and a high-profile crypto summit with industry executives in Washington on March 7, have surprisingly done little to lift market sentiment. This suggests that investor confidence remains fragile despite potentially bullish industry news.
In the absence of specific crypto catalysts, macroeconomic concerns will likely continue to weigh on cryptocurrency prices in the near term. This broader economic context remains a key factor for PEPE's price performance, regardless of its individual technical indicators or community support.
The dramatic fall from December's all-time high demonstrates the extreme volatility that can characterize meme cryptocurrencies like PEPE, which often experience sharp price movements in both directions. While the current technical setup suggests a potential for reversal, investors should remain cautious given the asset's history of volatility and the current uncertain market environment.
As PEPE trades at nearly one-fifth of its peak value, market participants are closely monitoring whether the current oversold conditions and potential support levels will provide the foundation for a meaningful recovery, or if macro pressures will continue to drive prices lower in the coming weeks.
Usman Salis
