PEPE’s Price Plunge: The 64% Mystery That Has Everyone Laughing! 😂💸

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Well now, gather ’round, folks! An analyst over yonder on the social media platform X has pointed out a mighty important support level for our dear friend PEPE, the meme coin that seems to be on a rollercoaster ride of epic proportions. It appears that this little rascal has a knack for nosediving—averaging a staggering 64% drop after each local peak. Ain’t that a hoot? 🎢

PEPE’s Historical Drawdowns And The 64% Correction Pattern

According to the fine folks at CoinGecko, PEPE is currently down about 67.3% from its all-time high of $0.00002803, which it reached on December 9, 2024. And just when you thought it couldn’t get worse, it took a sharp 25.3% tumble in the last 24 hours, thanks to the crypto market throwing a tantrum. Talk about a dramatic fall from grace! 😱

This crypto analyst, bless their heart, has noticed a recurring theme in PEPE’s price history. It seems our meme coin friend has a penchant for experiencing an average drawdown of around 64% after each local peak before it decides to stabilize and bounce back. This pattern has been as consistent as a clock, ticking away on the weekly candlestick timeframe, reminding us all of the wild ride of sharp corrections followed by triumphant recoveries.

The first major retracement happened between March and April 2024, when PEPE took a nosedive of 63.75% after reaching an all-time high of $0.000010003. But fear not! This correction, while as severe as a summer storm, eventually led to a strong rebound, allowing PEPE to set new highs. A similar tale unfolded between May and July 2024, when our meme coin pal suffered a 66% decline before regaining its bullish spirit, ultimately pushing its price to its current all-time high in December. What a comeback story! 📈

As our analyst friend points out, these dips after reaching new heights have always been cushioned by the 50 EMA indicator. Right now, PEPE is trading around this EMA, and whether it can hold its ground above it is crucial. If it does, we might just see the dawn of a recovery. But if it slips below, well, hold onto your hats, folks! More selling pressure could be on the horizon. 🌪️

What’s Next For Price?

Now, let’s talk turkey. The overall cryptocurrency market cap has taken a hit, declining by about 10% in the past 24 hours, which has cast a gloomy shadow over PEPE. This widespread market downturn raises the stakes, increasing the risk of our meme coin friend slipping below the 50-week exponential moving average (EMA). The latest weekly candlestick is already showing signs of weakness, and if this bearish momentum continues, we might be in for a bumpy ride. 🚧

As of this very moment, PEPE is trading at $0.000009279, while the 50-week EMA is hovering around the $0.000011 mark. This means our meme coin has already fallen about 15% below this critical support level. But don’t hang your head just yet! With the wild volatility of the past 24 hours, a swift market recovery could see PEPE bouncing back alongside its crypto companions, possibly retesting resistance at $0.00001313. Fingers crossed! 🤞

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2025-02-04 03:14