Pepe Coin Price Analysis Hints 20% Downside Risk As Sellers Break 50-day Support !!

#Binance55thProject(IO) #TopCoinsJune2024 #altcoins #BTC #bitcoin Pepe Coin Price Analysis: The memecoin PEPE, themed around a frog, recently experienced a price correction after peaking at $0.0000172 in late May. This downturn saw the altcoin’s price fall by 25%, landing at $0.00001274, while its market cap decreased to $5.36 billion. Concurrently, as Bitcoin struggled to maintain its position above the $70,000 mark, the broader cryptocurrency market faced additional downward pressure. This situation suggests that the market may be entering a period of extended correction or consolidation.

Since mid-April, the PEPE coin price witnessed an aggressive rally under the influence of an ascending trendline. The steep dynamic support bolstered buyers with the new higher low formations and uplifted the asset from $0.00000393 to $0.000017 registering a 335% growth.

However, the altcoin market witnessed a slowdown in recovery as Bitcoin prices consolidated in a narrow range for the past two weeks. Amid the uncertainty, the PEPE price developed a notable top at $0.0000172 and triggered a correction below the aforementioned support.

The loss of its nearly two-month-long support level is likely to increase selling pressure on PEPE, setting the stage for a significant decline. Following the breakdown, the asset’s price could potentially plummet to $0.00000881, with a further possible drop to $0.000006 if the downward trend continues.

However, a long tail rejection candle on Friday showcased the traders’ interest in buyers PEPE at a discounted price.