Crypto Analyst Predicts Steep Downturn for Memecoin Pepe After Support Breach

Popular crypto trader Ali Martinez predicts a significant downside move for memecoin Pepe (PEPE), potentially reaching as low as $0.000003. The analysis is based on PEPE violating a key support level of $0.00000664, indicating a potential 54% correction. Martinez also notes the recent addition of PEPE perpetual futures on Coinbase International Exchange, while highlighting the liquidation risks for Bitcoin (BTC) on Binance if it surpasses $71,700.

Crypto Analyst Warns of Steep Decline for Memecoin Following Support Level Breach

A prominent crypto analyst has raised concerns over the bearish trajectory of a popular memecoin, predicting a significant downturn after it violated a crucial support level.

Ali Martinez, a respected analyst with a substantial following on the social media platform X, has identified Pepe (PEPE), a frog-themed meme asset, as facing a potential "colossal move to the downside."

Martinez's analysis suggests that PEPE's recent price weakness has exposed a key support range of $0.00000793 to $0.00000664. Should PEPE close outside this range on a daily basis, Martinez projects a potential 54% correction.

Currently, PEPE is trading at $0.0000058, indicating a breach of the analyst's support level. Based on Martinez's projection, such a correction could result in PEPE dropping as low as $0.000003.

Coinbase International Supports Pepe Perpetual Futures

The decline in PEPE's value has coincided with its recent listing on Coinbase International Exchange. The exchange, a subsidiary of the leading US crypto platform, began offering perpetual futures for PEPE on Thursday.

Perpetual futures are financial instruments that allow traders to speculate on the future price of an asset without having to take physical delivery.

Altcoin Listings and Bitcoin Price Movement

In addition to PEPE, Coinbase International Exchange has also introduced perpetual futures support for Worldcoin (WLD), an identity-focused digital asset project, and ORDI (ORDI), a project aiming to integrate non-fungible token (NFT) capabilities with the Bitcoin (BTC) blockchain.

Regarding Bitcoin, Martinez notes that a potential rally to $71,700 could trigger a liquidation of approximately $23 million on Binance, the world's largest crypto exchange platform. However, at the time of writing, Bitcoin is trading at $67,045, representing a near 6% decrease over the past 24 hours.

Disclaimer

The information presented in this article is for informational purposes only and should not be construed as financial advice. Investors should conduct thorough research and consult with financial professionals before making any investment decisions.