PEPE coin price is once again trending lower after a strong bounce that occurred a few weeks ago. The latest analysis shows that the time is running out for the meme coin holders as bears are gaining momentum. There is a potential 50% downside for the bears due to the formation of a bearish pattern.
PEPE coin price closed last week with 8.33% drop. This marked the third red day in the week for PEPE as the meme coin investors rushed to take profits. On Tuesday, the popular meme coin is trading at $0.00000137, which is 60% below its all-time high.
Why Is PEPE Tanking?
The negative price action of PEPE isn’t surprising at all. The launch of many new meme coins has diluted the demand for PEPE. One such meme coin which has gained a lot of hype is the Milady meme coin or LADYS. After launching just 2 weeks ago, LADYS is really giving PEPE a run for its money.
Another major factor of price decline is the Binance listing which has allowed many early investors to exit at very high prices due to increased liquidity. The current PEPE coin price puts it a market cap of $581 million. Just a week ago, the market cap stood at $1.8 billion.
PEPE Coin Price May Drop To $0.00000064
The following PEPE price chart shows the formation of a symmetrical wedge pattern. The price has also broken down below this pattern on the 4H timeframe which has given bears the much-needed momentum. The technical analysis reveals the measured target of this move is $0.000000640 level which is almost 50% below the current price.
To avoid this bearish PEPE coin price prediction, the coin needs to break above the $0.00000155 level soon or things may turn pretty ugly for the bulls. The meme coin season also appears to be at its final stages as the newly launched meme coins aren’t getting that much hype anymore.
I’ll keep posting my updated PEPE price analysis and upcoming 1000x gems in my free Telegram group, which you are welcome to join.
