Pepe’s price was rejected at the 200-day moving average despite the traders’ sentiment about the memecoin being greedy. However, analysts state that this crash is not PEPE-specific but that the overall memecoin market is on a downward rally.
PEPE has been trading below the 20-day moving average from September up until December. During these 3 months there were times it tested this short-term indicator, and there were times where it briefly broke above this level. But never was the memecoin able to hold its own above this level. However, going into 2026, the memecoin pushed past this level (20-day MA) and found resistance at the 200-day moving average, the long-term indicator.
After being rejected at this level, PEPE is now trying to use the 20-day moving average as a support to stop its price from further crashing. What’s intriguing about this crash is that the sentiment of the market is good.
The Pepe Fear and Greed Index, which tells the story about the traders’ sentiment on the memecoin, is now showing 62, which is greedy. This means that the traders are buying; however, the prices are not reflecting any movement upwards.
Pepe is not showing any price movements on its charts, as the memecoin market on the whole is crashing, and even the significant demand will be overshadowed by the entire market downturn.
When looking at the memecoin market as shown in the chart below, the overall market is in a downtrend. It’s not just PEPE-specific, but the whole memecoin market has crashed due to uncertain geopolitical conditions, which has made investors rotate their funds into precious metals and other stocks that are much more lucrative and less volatile.
Dogecoin leads the pack as the memecoin with the highest market cap, while Shiba Inu and MemeCore share second and third place, respectively. Pepe obtains the fourth place, while Pump.fun holds the last place.
Although the overall market sentiment and the geopolitical conditions could have an impact on the memecoin prices, one X post from a celebrity or popular person about a memecoin is all it takes for the prices to change drastically.
