Pepe coin has taken a massive hit lately, dropping a whopping 67% from its all-time high. But is this the end, or just a temporary setback?
A Pattern Emerges
One analyst noticed something interesting: Pepe seems to follow a pattern. After each peak, it typically drops about 64% before bouncing back. This happened a few times already in 2024.
- March-April 2024: A 63.75% drop, followed by a recovery.
- May-July 2024: A 66% drop, followed by another recovery.
This 64% drop seems to be a key support level.
The Current Situation
Right now, Pepe is trading near its 50-week exponential moving average (EMA), a crucial support level. If it can hold above this EMA, it might signal a recovery. However, a break below could mean further price drops.
The recent 24-hour drop of 25.3% (part of a wider crypto market downturn) has pushed Pepe about 15% below the 50-week EMA. This is a worrying sign.
What’s Next?
The overall crypto market is down, which isn’t helping Pepe. If the selling continues, Pepe could fall even further.
But there’s still hope! A quick market recovery could see Pepe bounce back, potentially retesting the $0.00001313 resistance level. It all depends on whether the broader crypto market recovers and if Pepe can hold above its key support level. The next few days will be crucial.
