An analyst on social media platform X has been highlighted a crucial level of support for Pepe, as the MEME coin is facing a significant reduction from its latest heights. Based on historical prize trends, the analyst noted that Pepe has consistently experienced an average reduction of about 64% after each local top. The ongoing correction Has placed PEPE around this retracing level, and the Meme coin is now in an uncertain position where its ability to maintain support can determine whether it stabilizes and resumes an up track or falls into deeper decline.
Pepes historical reductions and 64% correction patterns
Price information from COESTECKO reveals that Pepe, the popular Meme coin, is Currently down 67.3% from its maximum time of $ 0.00002803, which it reached on December 9, 2024. Noteworthy was intensified the last decline with a sharp decline of 25.3% over the past 24 hours due to the wider decline over the crypto market.
A crypto analyst on social media platform x marked a recurring pattern In Pepe’s price history, notes that the MEME coin tends to experience an average reduction of about 64% after each local top before stabilization and recovery. This trend has repeated several times on the time frame for candlestick, which reinforces a consistent bicycle of sharp corrections and subsequent recovery.
The first major retrace occurred between March and April 2024, when the supply decreased by 63.75% after reaching a maximum time of $ 0.000010003. This correction, although serious, eventually led to a strong recovery, which allowed Pepe to set new heights. A similar scenario was developed between May and July 2024, when the MEME coin was hit by a decline of 66% before returning to the Momentum, which finally pushed his price at his current highest time in December.
As pointed out by the analyst, these periods of reductions after reaching a new pile have always bumped up by the 50 EMA indicator. At the time of writing, Pepe is now shopping around this EMA, and its ability to maintain its position over it is crucial to avoid a deeper decline. If the price holds at this level may Mark the beginning of a recoveryWhile a strong division below it can trigger additional sales pressure.
What is the next price?
The overall market for Cryptocurrency have decreased with About 10% over the past 24 hours, which contributes to a baissey feeling about Pepe. This widespread decline in the market increases the risk of expanding the degradation of the MEME coin during the exponential sliding average (EMA) of the 50-week. The latest weekly candlestick has already shown signs of slipping below this critical support level, and the prevailing baisse -like momentum can further solidify this feature if sales print remains over the market.
At the time of writing, Pepe is traded at $ 0.000009279, while 50-week EMA is around $ 0.000011 brand. This indicates that the MEME coin has already fallen about 15% below this level of support. However, the situation is not entirely bad. Given the increased volatility over the past 24 hours, a rapid marketing recovery was able to see the meme coin that recovers together with wider crypto assets and Return to resistance to $ 0.00001313.
Trained Image from Medium, Diagram from TradingView.com
