- Pepecoin has dropped 11.21% in 24 hours, with its market cap now at $7.65 billion and YTD return at -6.89%.
- If bulls defend the $0.0000180 support, Pepe could retest resistance at $0.0000220 and aim for $0.0000250.
- Intensified bearish momentum might push Pepe down to its lower support level of $0.0000140 this month.
The Pepecoin price has taken a hit, tumbling into a double-digit correction amid ongoing market chaos. Reports suggest the drop follows a significant whale dump, leaving the popular meme coin teetering near a critical support zone.
So, what’s next? Could we see a bullish rebound this weekend, or will Pepecoin sink further into its lower support levels? Let’s dive into the short-term sentiment, price analysis, and potential targets for Pepe (PEPE).
Pepe Retests Critical Support Zone
In the last 24 hours, Pepecoin has dropped 11.21%, erasing its recent gains and leaving it with a YTD return of -6.89%. The trading volume surged by 61.48% to reach $1.94 billion, while its market cap now stands at $7.65 billion, securing its spot as the 24th largest crypto.
On the technical side, the 50-day EMA has formed a bearish convergence, signaling heightened downward pressure. The 200-day EMA, however, offers potential support in the 1D time frame, providing a sliver of hope for stabilization.
Adding to the bearish outlook, the RSI indicator has slipped below the neutral zone, reflecting strong negative momentum. With its average trendline also turning downward, the stage seems set for further losses this week unless something shifts dramatically.
Can Pepe Reclaim the $0.000020 Level?
The key to Pepe’s recovery lies in the bulls defending its $0.0000180 support. If this level holds, Pepe could gear up to retest the $0.0000220 resistance. A sustained move above this resistance might pave the way for a push toward its upper high of $0.0000250, offering some relief to holders.
But it’s not all rosy. If bearish momentum intensifies, Pepe could tumble further, targeting its lower support level of $0.0000140.
Final Thoughts
Pepecoin’s near-term future hangs in the balance. The battle between bulls and bears at the $0.0000180 support will likely decide whether this meme coin rebounds or continues its descent. Traders should keep a close watch on the key levels ahead.
