Potential Downside Move for Memecoin PEPE as Key Support Level Violated: Crypto Analyst

The popular crypto trader, Ali Martinez, has issued a warning about a potential massive move to the downside for the meme coin Pepe (PEPE). Martinez, who has a significant following on social media, highlighted a key support level that, if breached, could lead to a 54% correction for PEPE.

Currently trading below Martinez’s support level, PEPE is facing significant pressure as it struggles to maintain its price. The recent addition of support for PEPE perpetual futures on Coinbase International Exchange has not been enough to prop up the struggling meme asset.

In addition to Pepe, Coinbase International Exchange has also introduced perpetual futures support for other digital assets like Worldcoin (WLD) and ORDI. Despite its all-time high in March, Pepe’s price has been on a downward trend, with Martinez warning of a potential further decline.

Meanwhile, Martinez also highlighted the potential impact on the market if Bitcoin were to reach $71,700, noting that $23 million could be liquidated from Binance. With Bitcoin currently trading at $67,045, investors are closely watching for any significant price movements in the crypto king.

As the crypto market continues to experience volatility, investors are advised to do their due diligence before making any high-risk investments. The Daily Hodl reminds readers that all transfers and trades are at their own risk, and losses incurred are the responsibility of the individual. Stay informed by subscribing to email alerts and following The Daily Hodl on social media platforms.