Pepe Coin, a meme crypto, is under immense pressure as it trades at the $0.000016 support level. At a current price of $0.00001725 having dropped by 15% in the past one week, it reflects the bearish trend prevailing in the whole cryptocurrency market.
Analysts point to Bitcoin’s recent struggles, with the leading cryptocurrency holding between $95,000 and $96,000, as a key factor influencing altcoin trends, including Pepe Coin.
Bitcoin’s performance continues to weigh heavily on altcoins. Should Bitcoin drop below the $94,000 threshold, the broader market may experience heightened selling pressure. This could further reinforce the bearish sentiment for Pepe Coin bringing it to possible 50% decline in price. Failure to hold $0.000016 as support level is deemed dangerous in the light of further losses.
Bitcoin Weakness Influences Altcoin Trends
Currently the price dynamics of Bitcoin is raising questions in the cryptocurrency market. Currently, Bitcoin price is trading at just below $97,000, and is just above the crucial area between $94,000 and $95,000.
According to analysts, keeping this level is crucial for the BTC to find its footing and not lead to a more significant market crash.
More so, if Bitcoin fails to hold this level, it could slide to around $85,000 which may raise concerns among investors and traders.
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In this case, while Bitcoin leads the rest of the altcoins, such an occurrence may result in steep losses across the board. Pepe Coin, due to its close correlation with Bitcoin, is in danger of falling sharply if sellers remain dominant and bearish pressure persists.
Technical Analysis Indicates Bearish Risks for Pepe Coin
Additionally, the price analysis of the Pepe Coin in the 3 day chart shows a worrying sign since the coin has fallen below a critical level. The Volume Profile shows that the Value Area High (VAH) is at $0.00001450, thus making this the next key support level. However, if the price goes below this level, then analysts expect that it will drop by another 45%, which will put Pepe Coin under extreme bear pressure.
Based on on-chain metrics, the token is in a bearish territory. Large transactions of over $1 million have been on the decline due to lack of interest from big investors. Furthermore, the evidence of a sharp decline in exchange-held supply also points to the increasing selling pressure, which is compatible with the present bearish sentiment for Pepe Coin.
On-Chain Data Suggests Potential Market Reversal
Furthermore, the Market Value to Realized Value (MVRV) ratio for Pepe Coin is close to the historical capitulation level. Levels of this sort have been linked to market reversals because selling pressure lessens. However, traders are still unconfident, paying attention to the fact that a further decrease in the price is quite possible until a stable level is set.
Market activity also shows a rising level of investor sentiment with non-exchange holders starting to sell their positions. This is in line with a general decline in the whale activity and essentially decreased focus on the coin. These developments highlight the problems that Pepe Coin encounters in light of the declined Bitcoin price.
Supporting the reversal metrics, at press time, Pepe price is trading at $0.00001724 showing a 6.66% 24-hour gain. The 1-day chart indicates a rebound from $0.00001562, with consistent volume increases driving recovery. Market sentiment is cautious as the price approaches resistance near $0.00001780, while support lies at $0.000016.
