Crypto Trader Predicts Potential 50% Plunge for Struggling Memecoin Pepe
An esteemed cryptocurrency trader has indicated that a plummeting memecoin may face a severe drop after breaching an essential support threshold.
Noted crypto expert Ali Martinez informed his audience of 57,700 on social media outlet X that the amphibian-inspired meme currency Pepe (PEPE) might be bracing for a notable price shift following its recent market difficulties.
“Be vigilant for a daily closure beyond the $0.00000793 – $0.00000664 interval, as it could trigger a 54% plummet in PEPE’s value.”
As of now, PEPE’s market price is $0.0000058, which is significantly lower than Martinez’s defined support level of 0.00000664. A 54% correction from Martinez’s support benchmark could potentially push PEPE down to $0.000003.
PEPE’s decline persists, coinciding with Coinbase International Exchange’s move to introduce support for PEPE perpetual futures this Thursday. Last September, this subsidiary of the leading US-based crypto exchange secured authorization to offer perpetual digital asset futures to non-U.S. clients.
Further expanding its offerings, Coinbase International Exchange has also recently launched perpetual futures for Sam Altman’s contentious digital identity venture Worldcoin (WLD), and ORDI (ORDI), an initiative aimed at integrating NFT features into the Bitcoin (BTC) network.
The all-time high for Pepe reached $0.00001064 on March 14th, per data from CoinGecko.
In regards to Bitcoin, the apex cryptocurrency, Martinez suggests that a surge to $71,700 could cause roughly $23 million to be liquidated on Binance, the premier global crypto exchange platform.
Presently, Bitcoin’s trading value is at $67,045, reflecting a downturn of nearly 6% in the past day.
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