Pepe Price remains in the deep bare market after plunging more than 75% from its all-time high of 0.000028.
Pepe (Pepe) has dropped to $0.000071, reflecting the performance of most meme coins that have crashed over the past few days.
The ongoing crash occurred as fear spread throughout the crypto market. The closely monitored code's fear and greedy index has dropped to the 20 fear zone. Additionally, CNN's money terror and greed index has moved to the extreme fear zone at age 19.
Pepe's decline coincided with a sharp decline in open interest in futures, falling to its lowest levels in months. Open interest fell to $200 million on Thursday, from a January peak of $556 million.
Still, there are several reasons why Pepe's prices could bounce back quickly and retest at its best ever.
Pepe, like other cryptocurrencies, recovered from similar pullbacks in the past. For example, its prices fell by about 70% from their peak in May last year to their lowest levels in August. It also fell 63% from the highs in March and April last year.
The ratio of market value Z-score to realised value (MVRV) is also classified as the opportunity zone. This indicator, which assesses whether a coin is overrated or underrated, has dropped to -0.726, the lowest level since October 2023.
Pepe Price has positive technology
Additionally, Pepe has bullish technical indicators that could lead to strong rebounds. The average directional index has remained flat for the last few days. This indicator measures the intensity of the trend, suggesting that the decline is weaker in bearish momentum.
Pepe Coin Price also forms the Falling Wedge Chart pattern, a popular bullish group. This pattern consists of two downward tilt trend lines that converge. A bullish breakout usually occurs when these lines are filled.
Price oscillators of relative strength index and proportion also form bullish divergence patterns.
All this is happening as the coin sits at a critical support level and struggles to fall down late last year.
Therefore, Pepecoin's price is likely to have a strong bullish breakout, with the next point being an all-time high of 0.000028, a 300% increase from the current level.
