Oh, Pepe Coin! 🐸 The meme coin that’s been making headlines, but not for the right reasons. It’s taken a wild ride, dropping a whopping 46% since December, nose-diving from a $10 billion market cap down to $4.1 billion. Yikes!
But hey, it’s not just Pepe, other meme coins are feeling the heat too. Some have even taken a nosedive in the past two weeks. So, it’s a party full of sinking ships! 🚢🚢🚢
Take a gander at the chart, and you’ll see a downtrend, with lower highs and lower lows. It’s currently parked at a support level of $0.000010. Hanging in there, Pepe!
So, what’s going on here? Well, the recent sell-off matches a sharp decline in futures open interest, from $556 million in January to $258 million. Investors just aren’t feeling the Pepe love!
But wait, there’s more! Despite the slump, Pepe holders are standing their ground. The number of Pepe holders has even increased from 384,000 to 404,100 over the past month. Talk about loyalty!
However, the chart isn’t looking too hot right now. It’s formed a “death cross” pattern, where the 50-day and 200-day Weighted Moving Averages have crossed. Not a good sign, folks!
And if that wasn’t enough, the RSI is below the 50% average level, currently sitting at 39%. The bears are clearly in control of this market!
But hey, there’s always a glimmer of hope. The chart has also formed a falling wedge pattern, which often precedes a breakout. If this plays out, Pepe could see a rebound back to $0.000028, offering a 188% gain from its current value. Fingers crossed!
So, there you have it. Pepe Coin’s wild ride, a mix of ups and downs, but mostly downs. Will it bounce back? Only time will tell!
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2025-02-17 22:45