The post Crypto Sell-Off Hits PEPE Hard: Will $0.00001 Support Hold? appeared on BitcoinEthereumNews.com.
Meme coins like PEPE face significant challenges amid declining crypto prices, breaking multiple support levels. Could this downtrend test the $0.000010 psychological mark? Over the past 24 hours, the meme coin segment has dropped by 13% in valuation and stands at $102.28 billion. The newly launched official TRUMP token has flipped PEPE into the third-biggest meme coin. This shift triggered a massive sell-off in PEPE, causing its price to drop nearly 13% within a day. With PEPE falling below the $0.000015 psychological threshold, selling pressure continues to mount. Will this downfall result in a nosedive to the $0.000010 mark? Let’s find out. PEPE Price Analysis PEPE showcases a bullish failure to surpass the local resistance trendline in the daily chart. This results in four consecutive bearish candles, accounting for a price drop of 26.63%. The ongoing correction has breached the 38.20% Fibonacci retracement level at $0.00001670, confirming a bearish head-and-shoulders pattern breakdown. Pepe Price Chart Now, PEPE is approaching a critical support zone comprising the 50% Fibonacci retracement level at $0.0000144 and the 200-day EMA line. The breakdown rally has dropped the RSI line close to the oversold zone. Furthermore, it has influenced a bearish crossover between the 50 and 20 EMA lines. Hence, technical indicators continue to give a sell signal for PEPE. Using the Fibonacci level, the ongoing rally will likely test the 78.60% Fibonacci level at $0.00001024 if the sellers break the 200-day EMA line. On the positive side, if the broader market stabilizes, a turnaround from the 200-day EMA line will retest the broken neckline at $0.00001670. On-chain Data Reveals Key Support for PEPE Despite the ongoing selling spree, more than 64.38% of addresses holding PEPE are in the money. This accounts for 255.04k addresses. PEPE on chain levels However, weak support exists between $0.000013 and $0.000015,…