PEPE Token's Value Nearing Zero: Crucial Support Levels Under Threat
Let's dive into the turbulent world of the meme coin PEPE!
PEPE: Last Man Standing in the Bear Market?
With the recent bull run in the crypto market, profit-taking has become a common sight, particularly among major coins. This is causing anticipation of a looming short-term peak. As per CoinGlass data, a whopping $1.16 billion worth of positions were liquidated in the past 24 hours, with $1.03 billion in long positions and $124.77 million in short positions.
PEPE's Next Move: $0.000001168
PEPE's price is currently below the 200-day simple moving average, a level indicating a long-term trend. The selling pressure is intensifying, pushing PEPE's price beneath the 50-day simple moving average's mark of $0.000001168. A drop below this support could potentially result in "extra zeroes," meaning the price might plummet to the seventh decimal place.
Brace Yourself: Critical Support Level at $0.000001037
As PEPE's price sinks below the 50-day average, attention is focused on the next support level at $0.000001037. This level is significant since it was the lowest recorded on June 5. Upon breaking this support, the price might revert to the January-May range established at the start of the year.
Tightrope Act on PEPE
PEPE is currently in a precarious position, with the potential for a "zero addition" scenario looming. Investors should be vigilant and monitor the $0.000001168 and $0.000001037 levels keenly in the coming days.
Formerly known as "Eyebrows McGee" for its shaggy, unibrow-like appearance, PEPE is a highly volatile meme coin, making it prone to market fluctuations. Factors such as selling pressure and potential "zero addition" scenarios, deriving from its memetic nature, must be carefully considered.
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References:
- CoinMarketCap. (2023). PEPE Price Prediction. [Online]. Available: https://coinmarketcap.com/currencies/pepe/predictions/
- NewsBTC. (2023). PEPE Price Analysis: May 2023. [Online]. Available: https://www.newsbtc.com/analysis/2023/05/15/pepe-price-analysis-may-2023/
- CoinGeek. (2023). What is PEPE and Should You Invest in It? [Online]. Available: https://www.coingeek.com/what-is-pepe-and-should-you-invest-in-it/
Cryptocurrency investors might want to keep a close eye on the meme coin PEPE as it approaches critical support at $0.000001037, a level that could potentially lead to further losses. In the dynamic world of finance, investing in PEPE requires extra caution, especially considering its memetic nature and susceptibility to market fluctuations.
