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The memecoin, PEPE, which recently received much attention in the cryptocurrency space and surged by 27x in the past 10 months, is now experiencing a sharp decline. In a recent X post, Patel highlighted that PEPE could already be in a bear market, which means that the periodic growth rates may no longer skyrocket.
Crypto Patel said that the project is already in a bear phase, and expects PEPE to sometime plunge downward and possibly fall by 60-70% in the next few days. He pointed out that the memecoin price has been tested with a crucial resistance area at the $0.000011, that has posed a challenge to the upward movement progress.
PEPE Support Level
However, elaborating on the identified resistance level, Patel unveiled that $0.000003 is the support level for the token. This support level could certainly help to become the ‘floor’ with depends upon which the price may start to level after the correction. However, he has remained negative on token’s prospects in the current bull run cycle for meme coins, implying that this variety’s higher grounds might just be in the past.
Analyzing the position of PEPE in the market, Patel bases his opinion on the assumption that memecoins are inherently speculative. He urged traders not to go overboard with the hype as it could be very costly to buy heavily into token at this stage. While hailing the token’s past achievement, Patel cautioned investors against risking all their investments on the tokens.
As for now, PEPE is before this possible downturn, the crypto people will be expecting whether PEPE memecoin will be an exception, or fall into Patel’s foreseen correction. Therefore, it is in the following days that the membrane shall be shaped to ascertain whether PEPE shall continue to thrive like most memecoins, or indeed, plummet, as Patel has projected.
The Crypto Patel’s perceptions have caused controversy among the PEPE supporters and the critics. His warning is a good word to the wise that in the crypto market, anything can change just within a blink of an eye regardless of how successful the tokens maybe. As always traders are kindly advised to only trade informed and because trading is not guaranteed traders are encouraged to always trade cautiously.
