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$PEPE Coin Price Likely to Retest $0.0000140 Amid Increased Whale Dumping
The ongoing market volatility has led to a significant correction in Pepecoin's price, driven by substantial whale dumping. This correction has brought the meme coin dangerously close to a critical support level, sparking speculation about its next move.
Will Pepe coin make a strong bullish recovery this weekend, or is a deeper plunge toward lower support levels imminent? This article explores the short-term market outlook, price analysis, and potential targets for the Pepe (PEPE) token.
Pepe Memecoin Tests Crucial Support
In the past 24 hours, Pepe's price has dropped by 11.21%, with trading volume surging by 61.48% to $1.94 billion. The recent drop has wiped out its previous gains, leaving the coin with a year-to-date (YTD) return of -6.89%. With a market capitalization of $7.65 billion, Pepe currently ranks as the 24th largest cryptocurrency.
Pepe Price Analysis (January 8, 2025)
The 50-day EMA on the Pepe price chart indicates a bearish trend, reflecting increased selling pressure. However, the 200-day EMA may provide a potential support level on the daily timeframe.
Additionally, the RSI has fallen below the neutral point, signaling strong bearish momentum. The average trendline also shows a negative convergence, suggesting the Pepe coin price could continue to decline in the short term.
Can Pepe Coin Reclaim $0.000020?
If the bulls can maintain support above $0.0000180, Pepe could attempt a rebound and retest the resistance level at $0.0000220. A sustained move above this resistance might pave the way for a climb toward $0.0000250.
For now, traders are closely watching the crucial support zone as Pepe's next move unfolds.
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