Pepe Coin Price Prediction: 21% Potential Drop Threatens $135M in Tokens

Pepe Coin Price Faces Correction Amidst Market Downturn

Despite the recent market downturn, Pepe coin maintains its resilience as one of the strongest tokens. However, the price action indicates a crucial downtrend, with the asset falling below a key long-term support indicator.

Key Support and Resistance Levels

• Resistance 1 (R1): $0.00000874 (50-day EMA)
• Resistance 2 (R2): $0.00001033 (200-day EMA)
• Support 1 (S1): $0.000007 (previous low)
• Support 2 (S2): $0.000006 (psychological zone)

Technical Outlook

The recent downtrend is confirmed by lower highs and lows. If Pepe price fails to break above current resistance, it may drop 21% to $0.000006. Consolidation and a bearish continuation pattern suggest further downside potential.

Technical indicators also support a short-term decline. The price is below key moving averages, the RSI is slightly below neutral, and the CMF indicates modest selling pressure. A classic bearish divergence suggests a continuation of the downtrend.

On-Chain Metrics

Coinalyze data reveals a 5.8% decrease in Pepe open interest over the past 24 hours. This decline, combined with price consolidation, indicates potential downside risk.

Conclusion

Pepe coin price faces a correction as technical and on-chain metrics suggest a downtrend. If the price fails to reclaim support, the future of Pepe may be bleak. However, a breakout above resistance could invalidate the bearish thesis and lead to a recovery.