Pepe (PEPE) continues to decline and trades below $0.000015 at the time of writing on Tuesday after correcting more than 22% since Saturday. The technical outlook suggests further correction ahead as momentum indicators show signs of weakness. Moreover, the frog theme-based meme coin’s on-chain data also indicates a bearish picture as PEPE’s long-to-short ratio is below one, and daily active addresses are falling.
Bitcoin fell from yesterday’s all-time high above 109k, dropping to a low of 100k before recovering today towards 104k. The price corrected lower following Tump’s inauguration ceremony and as extreme greed dominates. Although Trump’s actions may speak louder, lifting the mood.
The cryptocurrency market experienced a decline, with a reduction of approximately 5.3% compared to the previous day. This downturn was attributed to high expectations surrounding Trump’s inauguration speech, which did not mention cryptocurrencies. Consequently, the total capitalisation of cryptocurrencies decreased to $3.5 trillion, reverting to the level observed at the end of the previous week. While this indicates a reduction in optimism, it does not suggest a market reversal.