A popular crypto trader says a collapsing memecoin could witness a colossal move down after breaching a key support level.
Crypto analyst Ali Martinez tells His 57,700 followers on social media platform
“Watch out for a daily close outside the $0.00000793 – $0.00000664 range, which could lead to a 54% move for PEPE.”
At the time of writing, PEPE is trading at $0.0000058, well below the analyst support level at 0.00000664. A 54% correction from Martinez’s support could take PEPE as low as $0.000003.
The meme asset slump continued as Coinbase International Exchange extra support for PEPE perpetual futures on Thursday. The international arm of the top US crypto exchange was first given the green light last September to offer perpetual digital asset futures to investors outside the United States.
In addition to Pepe, Coinbase International Exchange has also recently been added rolled out perpetual futures support for Sam Altman’s controversial identity-focused digital asset project Worldcoin (WLD), as well as ORDI (ORDI), a crypto project that aims to bring non-fungible token (NFT) capabilities to the Bitcoin (BTC) blockchain.
Pepe set its all-time high at $0.00001064 on March 14, according to Coin gecko.
We move on to the crypto king, Martinez notes that if BTC rose to $71,700, $23 million could be liquidated from Binance, the world’s largest crypto exchange platform.
Bitcoin is trading at $67,045 at the time of writing, down almost 6% in the past 24 hours.
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Generated image: Midjourney