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Why is PEPE Down Today?

PEPE, the meme-inspired cryptocurrency, has seen a decline of 2.6% over the last 24 hours, trading near $0.0000915. This drop comes amid a broader downturn in the cryptocurrency market, with the CoinDesk 20 index showing a decline of 1.4%. Despite its decrease, PEPE's derivatives market remains robust, with open interest reaching $560 million and trading volume at $1.2 billion. Traders are closely monitoring support levels around $0.000091, as a breach above $0.000095 could shift market sentiment. Throughout the trading session, PEPE fluctuated between $0.0000913 and $0.0000951, experiencing selling pressure that hindered attempts to rally. While early signs indicated a potential for bullish accumulation, consistently low trading volume suggests indecision among buyers. Unless significant buying activity returns, the recent consolidation may turn towards a broader decline, emphasizing the crucial nature of market conditions in determining PEPE's next movements.

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