- Analyst Ali Martinez warns PEPE could crash 67% to $0.00000185 after breaking a key chart pattern.
- Open interest in PEPE futures has dropped to April lows, hinting at cautious trader sentiment.
- Despite price weakness, the PEPE community and some whales remain optimistic about a rebound.
PEPE, the frog-themed meme coin, kicked off November in rough waters. The token’s price slipped nearly 20% this past week, now hovering near $0.0000056 as it tests a critical support zone at $0.0000055. Despite bursts of optimism among traders, well-known analyst Ali Martinez has waved a big red flag, warning that PEPE could fall as much as 67% from its current level. He points to a head-and-shoulders pattern that’s been forming since late 2023, which he says has now broken down—setting the stage for a slide to around $0.00000185.
Community Buzz Can’t Hide the Decline
It’s not like the PEPE community is sitting idle. Social media activity on X has actually soared in early November, with over 44,000 engagements in just two days. Memes, jokes, and cheerful posts filled feeds, even as the token dropped more than 72% since the start of the year. But the excitement hasn’t translated into price strength. With daily trading volumes shrinking by half, the frog coin seems to be caught between hype and hard numbers.
Open Interest Plummets — A Calm Before the Storm?
CoinGlass data shows open interest in PEPE futures just hit its lowest point since April. That means fewer traders are placing new bets right now, likely waiting for a clear direction. But here’s the twist — the last time open interest hit this level, PEPE rallied more than 150%. Some think the current quiet might just be the calm before another wild move. Whether that means a crash or a comeback, though, remains uncertain.
Whales Still Have Hope
Not everyone’s bearish. One prominent PEPE whale believes the token could bounce back if it climbs to around $0.0000090, potentially sparking renewed buying pressure. A stronger move past $0.000012 could even set off a full recovery, possibly taking the price as high as $0.000025.
For now, though, PEPE sits in a tight spot — strong community vibes, weak charts, and a looming technical pattern that could shape its fate in the coming weeks.
