Pepe coin price, a popular meme-based cryptocurrency, has faced a downturn amid the ongoing market correction. PEPE is trading bearish, slipping below its key support levels as Bitcoin’s performance influences altcoin trends. Currently, Bitcoin hovers below $95K, raising concerns of further declines. Will the PEPE price crash 50% as Bitcoin weakens further?
Could Pepe Coin Price Crash 50% Following BTC Recent Weakness?
PEPE price is trading at $0.00001625, with a 8% decrease in the past 24-hours.
Bitcoin’s recent price weakness has raised concerns among analysts about its key support levels and broader market impact. Crypto analyst speculates that BTC holding $93,000 remains critical.
However, aggression from sellers could increase significantly if this level is lost. Based on technical analysis, there is a high likelihood of Bitcoin falling below this mark. If $93,000 gives way, the next target for Bitcoin is $85,000, but a brief dip further could unsettle potential buyers.
Pepe Coin price has also felt market pressure. Over the past week, the meme coin broke below the $0.00002 mark. This signals growing weakness as Bitcoin’s performance heavily influences altcoin movements. If Bitcoin continues to falter, Pepe Coin may see further declines.
For Pepe Coin price, maintaining $0.000015 as a support level is crucial. A break below this threshold could lead to a 50% price crash, signaling a bearish trend.
Source: X
Pepe Coin Price Structure Hints Crash
Pepe Coin price faces a critical moment on the 3-day chart as it breaks below a significant trading range. The Volume Profile reveals the Value Area High (VAH) at $0.00001450, marking the next key support.
A breakdown below VAH could lead to a 45% crash, while a rebound might trigger a 100% rally to the 1.618 Fibonacci extension level. On-chain metrics highlight intriguing signals about Pepe’s potential movement, underscoring the importance of investor vigilance.
Source: Tweet
On-chain Metrics Support PEPE Bears
Bitcoin currently trades at a critical support zone between $90,000 and $92,000. Market analysts suggest flipping this level could trigger a broader market correction.
If this occurs, PEPE and other altcoins might face severe downward pressure, with some forecasting potential price drops exceeding 50%.
The recent PEPE market activity has sparked speculation among investors, especially as non-exchange holders continue to offload their holdings. Whale transactions exceeding $1 million have steadily declined, indicating diminished interest from large investors.
This trend is coupled with a visible reduction in the supply of PEPE held on exchanges. These signals often precede significant market volatility, raising questions about the token’s near-term trajectory.
Santiment
The 365-day Market Value to Realized Value (MVRV) ratio for PEPE highlights that the token is nearing capitulation levels. Historically, these levels often precede market reversals as selling pressure dissipates. However, traders remain cautious, with current metrics suggesting that the token may still have room to drop before finding a stable floor.
Santiment
The price of Pepe Coin faces significant risk amid Bitcoin’s weakening. A breakdown below $0.000015 could trigger a 50% crash. On-chain metrics and technical analysis highlight bearish signals, emphasizing investor caution as market volatility threatens further declines for PEPE.
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