Pepe Coin (PEPE) price trades at $0.00001399 and is down by 3.19% today. This drop coincides with Bitcoin's intraday pullback, risking a $102k breakdown.

During consolidation, the downside risk to $93.1k will lead to a broader market correction, especially for highly volatile meme coins. Hence, with a weakening in the market leader, PEPE's price could witness a pullback in the weeks to come.

Pepe Coin (PEPE) price dropped by 3.19% today, coinciding with Bitcoin's intraday pullback, which threatens to break the $102k support. This move could open the door for a broader market correction, especially in highly volatile meme coins. As the market leader faces pressure to continue lower, we could see a rebound in the lower 90k's to spur another leg higher in Bitcoin. However, a move lower could bring the price to test the $93.1k support, which is crucial for buyers to hold to avoid a steeper decline. A breakdown of this level could lead to a swift correction towards the $80k handle, which is the final major support in the current bull market.

A slowdown in Bitcoin will advise on the potential for a market-wide pullback. During consolidation, the downside risk to $93.1k will lead to a broader market correction, especially for highly volatile meme coins. Hence, with a weakening in the market leader, PEPE's price could witness a pullback in the weeks to come.

(Image Credit: Benzinga)

While Bitcoin faces immediate support at $100k, a breakdown could open the door for a steeper correction, especially if the price drops below the $93.1k level. A move lower could bring the price to test the $80k handle, which is the final major support in the current bull market.

A breakdown of $80k could have major implications for the cryptocurrency market, as it could lead to a swift decline in the prices of other major cryptocurrencies, such as Ethereum and Binance Coin. It could also have a knock-on effect on the prices of smaller cryptocurrencies, such as meme coins and altcoins.

However, it's important to note that the cryptocurrency market is constantly evolving, and the technical analysis presented above is based on the current market conditions. The actual price movements of cryptocurrencies may vary significantly from the predictions, and investors should always conduct their own research and invest responsibly.

Pepe Coin price dropped today as Bitcoin faces immediate support at $100k. A breakdown of this level could open the door for a steeper correction, especially if the price drops below the $93.1k level.

A move lower could bring the price to test the $80k handle, which is the final major support in the current bull market.

Bitcoin price is down 1.08% in the past 24 hours. It is currently trading at $100.1k, and the next resistance level is at $102k. If the bulls can push the price above this level, we could see a move to the $108k level.

However, if the bears take control and break the $100k support level, we could see a steeper correction towards the $93.1k level.

A breakdown of this level could lead to a swift correction towards the $80k handle, which is the final major support in the current bull market.

Slowdown in Bitcoin warns of market-wide pullback

During consolidation, the downside risk to $93.1k will lead to a broader market correction, especially for highly volatile meme coins. Hence, with a weakening in the market leader, PEPE's price could witness a pullback in the weeks to come.

(Image Credit: Benzinga)

The Relative Strength Index (RSI) line shows bearish divergence as it declines from the overbought zone to the halfway line during PEPE's uptrend. Furthermore, the MACD and signal lines fall after a negative crossover, suggesting a surge in underlying bearishness.

If the Pepe Coin price bounces back to violate the $0.000015 ceiling, the double top pattern will be nullified. According to Fibonacci levels, the 23.60% level overlaps with $0.000015 and targets $0.00001792 as immediate resistance if the trend flips, aligning with the Pepe price prediction.

Is Blind Optimism Behind 72% of Binance Traders Holding PEPE Longs?

Despite the short-term pause in the PEPE price rally, heightened optimism in futures contracts anticipates an uptrend continuation. The Open Interest (OI) at $583 million sustains a near record-high level at $583 million, signaling strong traders' interest.

Additionally, as optimism reaches dangerous levels, 72% of PEPE traders on Binance hold a long position. This surges the Long/Short ratio to 2.57, signaling a strong bullish inclination.

However, despite the retail traders' optimism and the FIIs' involvement, a technical analysis of the IVM on-chain signals a potential reversal.

The transaction count of more than $100k in value peaked at 720