21T PEPE Supply is Huge, PEPE Faces 20% Crash Risk

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Despite Bitcoin's rise, meme coins are still in a downward trend, struggling to gain momentum. The frog-themed meme coin Pepe is holding key support levels. Although bulls are optimistic, the huge supply zone warns of a significant pullback.

As Bitcoin stabilizes above $106,000, meme coins are struggling to regain bullish momentum. Top currencies like Dogecoin at $0.41, Shiba Inu at $0.000027, and Pepe at $0.000023 have slightly rebounded in the past 24 hours, with increases of 1.0% to 2.2%.

Currently, Pepe coin is striving to recover its $10 billion market cap, as the weekly return rate has dropped to 4.97%. Will a broader market recovery push Pepe's price to a new all-time high?

Key Support Levels Consolidate, PEPE Bulls Face Risks

On the daily chart, Pepe's price trend shows a sideways movement. The bullish fortress at $0.00002311 supports the consolidation phase.

Due to multiple lower price rejection candles within this range, Pepe coin maintains its dominance above $0.000023, even as supply pressure surges. According to the current price trend, Pepe's rebound is forming higher lows and retesting previous volatility highs.

Currently, the meme coin is trading at $0.00002345, experiencing minimal intraday fluctuations after a 2.92% drop yesterday. Using trend-based Fibonacci levels, Pepe's price trend shows a consolidation range and gains support from the 23.60% level.

Within the consolidation range, the 20-day EMA line acts as dynamic support, maintaining and absorbing supply peaks. Meanwhile, the 50-day, 100-day, and 200-day EMA lines remain positively aligned and are ready to serve as dynamic support levels. Additionally, the recent dynamic support is solidly positioned at $0.00001929.

PEPE Price Targets

Using trend-based Fibonacci levels, a bullish recovery may encounter resistance at the 38.20% Fibonacci level ($0.000027762). If a sustained increase occurs, the 61.80% and 78.60% levels ($0.00003583 and $0.00004297) are potential price targets.

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