Pepe Coin (PEPE) is currently showing signs of slowing down and facing bearish pressure. This comes after the cryptocurrency experienced a significant surge, reaching a new all-time high (ATH) of $0.00001535. However, following this peak, the coin has seen a notable retracement.
At the time of writing, the price of Pepe Coin is $0.00001384. Over the past 24 hours, the coin’s trading volume has reached an impressive $2.56 billion. The market capitalization of the coin stands at $5.82 billion.
The recent decline in the coin’s price is a point of concern for investors. Over the last 24 hours, the price has decreased by 2.81%. This downward trend suggests that the coin is facing selling pressure, which may be attributed to profit-taking by investors who benefited from its recent surge to an ATH.
Analyst Warns PEPE Potential 25% Drop
Crypto analyst Crypto Patel has issued a trading alert regarding the current state of Pepe Coin. According to Patel, PEPE is at a critical support level of $0.000014. This level is crucial for the coin’s short-term performance.
Patel warns that if the coin loses this support, the coin could potentially see a 25% drop in value. This significant decline would further exacerbate the recent bearish trend that the coin has been experiencing. On the other hand, if PEPE/USDT stays above this support level, there is a possibility for a bullish move to continue. Maintaining this support could help stabilize the coin and potentially lead to a recovery.
Patel has identified two crucial support levels that traders should closely monitor: $0.000014 and $0.00001. These levels are quintessential for understanding the potential movements of the coin and taking wise trading decisions. Patel warns traders to remain focused on these support levels and to trade wisely.”.
As PEPE takes that important turn, investors are advised to keenly watch how the coin will be performing in the market for changes to be taken note of. This is expected to help them be cautious with their investment while managing the levels within which they will battle in the market dynamics.
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