Analyst Predicts Steep Crash for Memecoin Pepe, Forecasts 54% Collapse

Crypto trader Ali Martinez warns that memecoin Pepe (PEPE) could experience a substantial 54% decline after breaking below a crucial support level. A daily close outside the $0.00000793 – $0.00000664 range may trigger this correction, potentially dropping PEPE to as low as $0.000003. Despite Coinbase International Exchange's recent support for Pepe perpetual futures, the meme asset continues to face headwinds.

Crypto Trader Predicts Potential 54% Collapse for Memecoin Pepe

Prominent crypto analyst Ali Martinez has raised concerns about the fate of the memecoin Pepe (PEPE), warning of a potential 54% plunge following a breach of a crucial support level.

Martinez, who commands a substantial following of 57,700 on the social media platform X, analyzed PEPE's recent price trajectory and identified a critical range between $0.00000793 and $0.00000664. A daily close outside this range, he asserts, could trigger a significant downward movement for the meme asset.

At the time of writing, PEPE is trading at $0.0000058, hovering well below Martinez's designated support level at $0.00000664. Should a 54% correction occur from this support level, it would potentially drive PEPE's value down to as low as $0.000003.

Martinez's bearish outlook coincides with the recent addition of Pepe perpetual futures on Coinbase International Exchange. This development marks the latest in a series of new listings for the meme asset, including perpetual futures support for Worldcoin (WLD) and ORDI (ORDI) on the international arm of Coinbase.

Pepe's all-time high of $0.00001064 was recorded on March 14th, according to CoinGecko. However, the memecoin has since experienced a significant decline in value.

Shifting his attention to the broader crypto market, Martinez also highlighted a potential technical scenario involving Bitcoin (BTC). He noted that if the cryptocurrency were to rally to $71,700, approximately $23 million worth of positions could be liquidated on Binance, the world's largest crypto exchange platform.

At the time of writing, Bitcoin is trading at $67,045, representing a decline of nearly 6% over the past 24 hours.

Martinez's analysis serves as a reminder of the inherent volatility associated with cryptocurrencies, especially memecoins. Investors are advised to exercise caution and conduct thorough research before making any investment decisions.