📉 Pepe Struggles at Key Support
Pepe has dropped 65% from its December high, now holding at $0.000010. The meme coin’s market cap has fallen from $10B to $4.1B, reflecting the broader meme coin downturn.
📊 Investor Sentiment Weakens
Futures open interest plunged from $556M to $258M, signaling reduced demand. However, the number of Pepe holders grew to 404K, suggesting long-term confidence remains.
⚠️ Bearish Signals Dominate
Pepe recently formed a death cross, with the 50-day & 200-day WMAs crossing, a historically bearish signal. It has also dropped below the 61.8% Fibonacci level, pointing to a possible decline toward $0.0000058.
🔄 Bullish Reversal Still Possible?
A falling wedge pattern suggests a potential breakout to $0.000025, a 150% gain from current levels. If buyers step in, Pepe could see a strong rebound.
⚠️ Disclaimer:
This post is for informational purposes only and does not constitute financial advice or endorsement.
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