PEPE on Shaky Ground as Rate Hike Odds Soar
PEPE has been struggling in recent days, trading at around $0.0000035 on September 5th after a 4% drop on the day and a painful -5.6% decline over the past week.
This underperformance is particularly concerning given that the broader crypto market has seen a 2.1% gain over the same period, while meme coins have even managed a 1.2% increase.
The coin's technical structure at the lows is deteriorating, with momentum flattening in neutral territory but leaning bearishly, and the MACD histogram has rolled negative, signaling that sellers are asserting themselves.
The situation is exacerbated by Bitcoin's recent decline following Federal Reserve Chair Kevin Warsh's hawkish speech at Jackson Hole, which pushed September rate-hike odds from 35% to 60.4%