๐ PEPE Price Faces Pressure Amid Market Correction
Pepe Coin (PEPE), a meme-based cryptocurrency, is under pressure as Bitcoinโs decline affects altcoin trends. PEPE currently trades at $0.00001625, down 8% in the past 24 hours. Bitcoinโs struggle below $95K raises concerns about broader market weakness.
๐ BTC Weakness May Influence PEPE Further
Bitcoin's critical support at $93K is being closely watched. Analysts warn that if BTC breaks below this level, it could dip to $85K, increasing bearish momentum. This would likely impact PEPE, which has already fallen below its $0.00002 support level.
๐ป Critical Support at $0.000015
PEPEโs support at $0.000015 is vital. A breach could result in a 50% crash, amplifying bearish sentiment. On the 3-day chart, the Volume Profile indicates $0.00001450 as the next key support, with potential for further declines if this level fails.
๐ On-Chain Metrics Show Bearish Trends
Bitcoin's struggles between $90K-$92K could lead to a broader correction, adding pressure on PEPE. Whale transactions and exchange holdings are declining, reflecting reduced investor interest. The MVRV ratio signals potential capitulation, but caution is advised.
๐จ Investor Vigilance Needed
Pepe Coinโs price is at a critical juncture. A breakdown below $0.000015 could trigger significant losses, while a rebound might offer recovery opportunities. As volatility rises, both on-chain metrics and technical analysis underline the need for cautious trading.