⚠️ Bearish Flag Signals Trouble
Pepe Coin has faced significant bearish pressure, dropping below the 50-day EMA. After forming a Doji candlestick at its record high on December 9, the price is now shaping a bearish flag pattern. If this pattern plays out, PEPE could fall to $0.00001437 and potentially $0.00001190, marking a 35% drop from current levels.
📊 Key Support and Resistance Levels
Support lies at $0.00001437 and $0.00001190, while resistance stands at $0.000020. A breakout above this resistance could invalidate the bearish flag, pushing PEPE back toward its double-top high of $0.00002563.
📉 Futures Open Interest Plunges
Open interest in PEPE futures has plummeted from $359M to $123M, its lowest since November 4. This drop signals weakening market demand, though historically, such lows have sometimes sparked rebounds, as seen on November 5.
🔗 Bitcoin's Influence on PEPE
PEPE’s fate remains tied to Bitcoin's price movements. If BTC continues its downward trend, Pepe Coin's sell-off may accelerate, following the broader market trend.
🐸 What’s Next for PEPE?
Investors are watching closely as PEPE teeters between a potential bearish breakdown and a chance for recovery above resistance. Volatility remains high, and the next move will depend heavily on Bitcoin's price action.
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