The cryptocurrency market has remained relatively calm over the past couple of weeks, with Bitcoin stuck between the $29000-$30000 price range. However, major tokens are starting to show slightly bearish sentiments, with BTC now down 3.7% in the last 7 days.

The negative outlook is more pronounced in Pepe coin as the token has depreciated nearly 14% over the past week.

However, while Pepe struggles, new meme token Evil Pepe Coin is showing bullish growth, having raised over $650,000 in its presale.

Pepe Coin Struggles As Crypto Market Eyes The Upcoming Fed Meeting

The market’s lack of volatility has not stopped bears from taking control of Pepe’s price direction.

The token has plummeted almost 14% over the past 7 days, bringing its total loss since July 14 to over 27%. Its technical analysis also points to further struggles as TradingView gives a Sell signal to the token in the daily time frame.

Not only is $PEPE underperforming with most moving average indicators, but oscillator indicators such as MACD have also turned red.

Pepe became a global meme coin phenomenon back in April and May of this year as its 10,000% rally turned several small-scale traders into millionaires. A pseudonymous trader turned his $273 investment in $PEPE into $13 million worth of profits.

However, Pepe’s lack of concrete utility prevents the token from breaking its correlation with the broader crypto market. Whales and smart money investors dumping their $PEPE holdings during market uncertainty has become all too common.

Experts believe that the crypto market is primed for a strong price movement in either direction, with the upcoming FOMC meeting on the 26th of July a major deciding factor.

With the recent inflation data pointing to cooling inflation levels, investors were certainly hoping that the Federal Reserve will stick to its decision to pause further interest rate hikes.

However, according to the CME FedWatch tool, the likelihood of another 25 basis points hike is extremely high.

The Fed’s restrictive monetary policy has an adverse impact on the liquidity of the crypto market, resulting in a strong depreciation across the market. High-risk assets such as Pepe are