Pepecoin Plummets: Will It Survive the Market Downturn or Collapse Further?

Desolate cryptocurrency market scene, dark and stormy sky, falling Pepecoin among crumbling support pillars, bearish crossover looming, downtrend with subdued lighting, intense selling momentum, uncertain atmosphere, hints of potential recovery amidst the chaos.

The PEPE coin has experienced a correction phase for nearly a week, witnessing a significant loss during this period. From its all-time high of $0.00000449, the coin’s price has plummeted 68.5% to reach the current price of $0.00000231. However, the falling price shows a breakdown attempt from another support level, indicating that Pepecoin price is poised for a further decline.

A breakdown below $0.0000014 threatens Pepecoin with a 39% downfall. Moreover, the recent bearish crossover between the 20 and 50 EMA will likely accelerate the selling pressure in the market. The intraday trading volume in PEPE is $1.42 Billion, indicating a 292.5% gain.

From May 8th to early today, the falling Pepecoin price has experienced a minor sideways consolidation phase between $0.00000212 to $0.00000171 levels. On the intraday level, the coin price shows a significant breakdown of the $0.0000017 support, offering sellers an additional barrier to pressurize buyers.

With sustained selling, the PEPE price has tumbled 17% and hit the May 1st and 2nd price peaks of $0.0000014 as potential support. If the coin price breaks down below this support with a 4-hour time candle closing, the selling pressure will intensify and threaten this memecoin for another 39% down to hit the next significant support of $0.00000085.

On the other hand, if the coin price rebounds from the $0.0000014 support, traders must look for a $0.00000171 breakout to at least get a first hint of price recovery. This developing situation leaves investors contemplating the future performance of Pepecoin and what steps to take next.

In terms of technical indicators, the Relative Strength Index (RSI) has seen a significant drop in slope, reflecting intense selling momentum in the market. Along with the $0.0000017 support, the price may also lose the 100 EMA slope, providing an extra edge to market sellers.

For PEPE intraday price levels, the current spot price is $0.00000142, with a downward trend and low volatility. Resistance levels are at $0.00000171 and $0.00000212, while support levels are at $0.00000140 and $0.00000085.

The presented content includes the personal opinion of the author and is subject to market conditions. It is crucial to conduct thorough market research before investing in cryptocurrencies. Neither the author nor the publication holds any responsibility for any personal financial loss.

Source: Coingape

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