This is the Major Downfall for PEPE Meme Coin- Can It Touch the $0.000010 Support Line?

Meme coins like PEPE are struggling in their markets just like the rest of the crypto market is in a downtrend. PEPE has fallen drastically too, breaking through several lines of support and may test to the psychological $0.000010 support line.

The meme coin space has plummeted by 13% in valuation terms over the past 24 hours to $102.28 billion. TRUMP, which is the official token, occupied the third place in the ranking of meme coins, displacing PEPE. This shift in dominance triggered a wave of selling in PEPE, and it dropped by about 13% within one trading day. Selling pressure is still increasing, even as many try to know whether the downtrend is going to run for a long time after having seen PEPE traded below the level of $0.000015.

Price Analysis of PEPE: Extension of the Bearish Sentiment

The price chart of PEPE fails to breach a local trendline of resistance, and with four consecutive candles in the downtrend, the coin has lost nearly 26.63% off its price value. Recently, the coin has breached the $0.00001670 levels, which stands at 38.20% Fibonacci retracement levels, that clearly indicates breaking a bearish head-and-shoulders pattern.

PEPE is now at a critical support level created by the 50% Fibonacci retracement level at $0.0000144 and the 200-day exponential moving average (EMA) line. Failure here may mean that the price is going to break down and correct much deeper to the 78.60% Fibonacci level of $0.00001024 near the psychological level of $0.000010.

Technically, indicators are still biased sell, and there is a gentle approach toward the oversold condition in RSI, with the recent bearish crossover between the 20-day and 50-day EMAs. Sellers may be extended for a bit longer.

PEPE Meme Coin : levels of support and possible reversals

Mixtrend: With the sell off that continues the on-chain signals are mixed and bearish – more than 64.38% of all PEPE’s addresses are into profit, so are 255.04 k addresses holding theirs. That simply means some remain in the profit zone; with such, when a reversal turns green, it provides a cushion.

A big supply zone exists between $0.000013 and $0.000015, since over 10,000 addresses hold around 7.28 trillion PEPE tokens. A significant other supply zone is the region in between $0.000011 and $0.000013. And around 25.53 trillion tokens are at risk in that one alone. This could possibly make the price go much lower if sellers take control of the market.

But at $0.000010, this might just become a strong support zone. In case this zone is breached and sustained, this will set the hope for some much-needed respite among the bulls for the traders seeking a turn-around within the next near-term.

What’s Next for PEPE?

While PEPE is in a tight market environment with heavy selling pressure and several support levels breached, the psychological support at $0.000010 may be the turning point, with stabilization and reversal from this level that may cause PEPE to surge again.

Traders will pay close attention to the important technical levels: first, the 200-day EMA, and second, the Fibonacci retracement levels. Further, how the larger market does its thing will define whether PEPE breaks free of its downtrend or whether it continues its selling.

Conclusion: CRYPTO NEWS

The general overall market sell-off has trashed the price of PEPE. In addition, new entrants in the niche of meme coins, that are the TRUMP token, contribute to it. The coin tests its critical support zones now; there is also a psychological $0.000010 level, which is a magnet for the current correction. It can become a major support zone if the reversal is expected. Always do deep research, and never take things lightly when the markets are moving so wildly.

This article is for information purposes ONLY and NOT as an investment recommendation. The opinions expressed in this column are that of the author alone and should not be taken to be those of The Crypto Basic. Any person reading this blog post should understand that they conduct their own relevant research before participating in any decision to invest money.

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