Pepe Coin is Going to Zero as PEPE Price Drops 15% and New Meme Coin Evil Pepe Becomes the Next Crypto to Explode
Leading meme coin $PEPE has seen a dramatic -15% fall so far this week, in a critical downside move that has seen the loss of key support level - can Pepecoin survive? Find out in $PEPE price analysis.
Pepecoin ($PEPE) ignited a magnificent meme coin season in May 2023, as the new market entrant posted a seismic +785% gain in less than a week.
But in the two months since the market moon-shot, Pepe coin holders have endured a tough period of cascading price action - with top buyers now -70% underwater, leaving some to ask the question is Pepe coin going to zero?
Following the dramatic -15% downside move since markets opened Monday, Pepecoin is currently trading at $0.00000132 (representing a -1.60% change over the last 24 hours).
Monday witnessed a significant failure of support as technical consolidation failed, leaving price tumbling down past the local support level at $0.0000014.
The slide was triggered by the failure of six-consecutive days of consolidation to break high back above the descending 20DMA.
With this key support level lost, Pepecoin finds few areas of localised support below - including the lower trendline at $0.000001167 and an additional lower support at $0.0000010.
On the upside some reasons to be hopeful emerge from Pepecoin's RSI which has cooled-off significantly to a strong oversold signal at 39, indicating there could be sufficient bullish interest in price structure at this level to stop the bleed-out.
However, the MACD casts a looming shadow, continuing to showcase bearish divergence at -0.0000000035.
$PEPE therefore faces a tough risk: reward profile, with the ratio currently sat at 0.61 - a bad entry characterised by serious downside risk.
Despite the collapsing price action for the top meme coin,
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