The Potential Downward Spiral of Pepe Memecoin
Ali Martinez, a respected crypto analyst, has cautioned the crypto community that Pepe Memecoin (PEPE) could be on the brink of a significant downturn. Martinez, whose insights are closely followed by over 57,700 users on X, believes that the frog-themed meme asset is gearing up for a substantial move that could have serious repercussions for its investors.
- The Analyst’s Warning: Martinez highlights the importance of closely monitoring PEPE’s price action, specifically advising to watch for any daily close below the $0.00000793 – $0.00000664 range, which might trigger a massive 54% decline for PEPE.
Currently, PEPE is trading at $0.0000058, well below the critical support level identified by Martinez. A potential 54% correction from this support level could potentially plummet PEPE’s price to as low as $0.000003.
The Impact of Coinbase Support on Pepe
Pepe’s downward trajectory coincided with the recent development of Coinbase International Exchange extending support for PEPE perpetual futures. Last Thursday, Coinbase International announced its backing for PEPE perpetual futures, a move that may have exacerbated the crypto asset’s ongoing decline. Additionally, Coinbase International Exchange introduced perpetual futures support for Sam Altman’s controversial Worldcoin (WLD) and ORDI, a project focused on integrating NFT capabilities into the Bitcoin blockchain.
- Milestone Highs: On March 14th, Pepe reached its all-time high of $0.00001064, based on data from CoinGecko.
Bitcoin’s Market Movement
Shifting the focus to Bitcoin, Martinez speculates on the potential impact of a price surge that could see BTC climb to $71,700. This upward movement could potentially lead to the liquidation of $23 million worth of assets on Binance, the world’s largest cryptocurrency exchange platform. At present, Bitcoin is trading at $67,045, reflecting a nearly 6% decrease over the last 24 hours.
Hot Take: Brace for Impact
In conclusion, the future of Pepe Memecoin hangs precariously in the balance as it hovers near a crucial support level, signaling a potential sharp decline. Meanwhile, Bitcoin’s market movements could spark significant liquidations on major exchanges, adding a layer of complexity to the current crypto landscape.
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