Pepecoin, like many other cryptocurrencies, has experienced a significant drop in price amidst the ongoing market turmoil. This correction is said to be the result of a whale dump, causing the price of this meme coin to plummet. As a result, Pepecoin is now on the brink of testing its crucial support level.
The recent price drop of 11.21% has brought the trading volume of Pepecoin to $1.94 billion, marking a 61.48% increase. This has erased all of the gains made by the coin and has resulted in a year-to-date return of -6.89%. With a market cap of $7.65 billion, Pepecoin currently holds the 24th position in the market.
Technical analysis of the Pepecoin price chart shows that the 50-day EMA has recorded a bearish convergence, indicating a negative influence on the price trend. However, the 200-day EMA could potentially act as a support level for the coin in the 1-day timeframe. Additionally, the RSI indicator has dropped below the neutral point, suggesting a strong bearish price action for Pepecoin in the market.
If the bulls manage to keep the price of Pepecoin above its crucial support level of $0.0000180, the coin may retest its resistance level of $0.0000220. Maintaining the price above this level could pave the way for Pepecoin to reach its upper high of $0.0000250. On the other hand, a continued bearish trend could see the coin plummeting towards its lower support level of $0.0000140 in the coming days.
For those wondering about the future price movements of Pepecoin, it is important to consider the potential for a bullish comeback. Despite the current market turmoil, Pepecoin could see a resurgence in price if the bulls manage to hold the support levels. Keep an eye on Pepecoin’s price movements to see if it can reclaim its previous highs and potentially reach new all-time highs in the future.