PEPE has suffered a sharp downturn, dropping nearly 50% over the past month and reaching its lowest price in three months. Investors have faced significant losses as bearish sentiment grips the meme coin market. 

While the possibility of further correction remains, an emerging technical pattern could also signal a buying opportunity for long-term holders.  

PEPE Is Facing a Bearish Cycle

The exponential moving averages (EMAs) indicate growing bearish pressure, with the 200-day EMA approaching a crossover above the 50-day EMA. This event, known as a Death Cross, is typically a strong bearish signal.

If the crossover occurs, selling momentum could intensify, further dragging PEPE’s price lower.  

Currently, the 200-day EMA is just 8% away from completing the Death Cross formation. If bearish conditions persist, PEPE could struggle to recover in the short term. This technical pattern often leads to extended downtrends across various assets. 

Despite bearish signals, PEPE’s Market Value to Realized Value (MVRV) ratio suggests a possible shift in momentum. The MVRV ratio has reached -29%, placing PEPE within the “Opportunity Zone.”

Historically, when this metric drops between -17% and -30%, it indicates that selling pressure is nearing exhaustion.  

A negative MVRV ratio suggests investors are holding unrealized losses, making them less likely to sell further. This can create an accumulation period where long-term holders start buying at discounted prices.

If this trend follows previous patterns, PEPE price could be setting up for a potential recovery.  

PEPE Price Prediction: Recovering The Losses

PEPE is currently trading at $0.00000941, slipping below the critical support level of $0.00001000. This marks a three-month low for the meme coin, making it one of the worst-performing assets of the month. The sustained selling pressure has made it difficult for PEPE to regain upward momentum.  

The looming Death Cross raises concerns about further declines, potentially pushing PEPE below the $0.00000839 support level. A drop below this threshold would likely trigger additional selling, worsening investor losses.

If bearish momentum remains dominant, PEPE could see prolonged consolidation at lower price levels.  

However, a reversal remains possible if PEPE can reclaim $0.00001000 as support. If the meme coin flips $0.00001146 into support, it would invalidate the bearish outlook and shift momentum toward recovery.

Coinbase put three new assets on its listing roadmap: PENGU, POPCAT, and MORPHO. This announcement only caused momentary price gains for all three tokens, possibly suggesting that the market is less interested.

The two meme coins have both endured recent volatility, but MORPHO currently has substantial momentum. Nonetheless, this pattern repeated across all three listings.

Is Coinbase’s Roadmap Losing Relevance?

Coinbase, one of the world’s leading crypto exchanges, just added three new assets to its listing roadmap: PENGU, POPCAT, and MORPHO.

Typically, these additions cause huge spikes in an asset’s price, but that has not happened today. All three of these coins experienced a brief price jump, but these gains quickly evaporated.

It’s presently unclear why these gains have proved so ephemeral. Two of the new assets on Coinbase’s roadmap, POPCAT and PENGU, are noteworthy meme coins. Both, however, have seen recent price troubles.

PENGU, for one, reached its lowest price in late January and shows little signs of recovery. POPCAT’s decline was in December, but it has also remained low.

MORPHO, on the other hand, stands out from the other offerings on Coinbase’s roadmap. It’s not a meme coin but a legitimate DeFi project creating infrastructure for on-chain lows.

It was a high performer in January and even entered a partnership with Coinbase. That may explain why it’s on the roadmap but not why it has also underperformed.

Perhaps it’s too early to determine what impact a future listing will have on these assets. At the time of writing, Coinbase put them on its roadmap only a few hours ago, and more dramatic changes may happen throughout the week.

However, the meme coin space is extremely fast-paced, making this seem unlikely. Instead, another explanation is possible.

The last two additions to Coinbase’s roadmap before this bear remarkable similarities. When it listed MOG in December, the asset’s price continued to struggle.

Last month, when it listed TOSHI, the immediate price spike was quickly slashed by new profit-taking. The asset still grew that day, but these gains proved ephemeral.

MORPHO’s inclusion also proves that these trends are not related to recent market performance. Perhaps these Coinbase announcements are losing their ability to move traders.

Meme coins took a hit this week as bearish market conditions dragged even Bitcoin down to $95,700. With altcoins extending their downtrend, investor losses continued to mount.  

BeInCrypto analyzed three meme coins that once stood out as top performers but are now undergoing significant corrections.

Dogecoin (DOGE)

Dogecoin, the largest meme coin, experienced a sharp 25% decline this week, reaching a two-and-a-half-month low of $0.248. The price fell through the critical support of $0.268, signaling increased bearish pressure. With investor sentiment weakening, DOGE faces the risk of extended downside unless buyers step in.  

The next key support for Dogecoin is at $0.220, a level that could determine its short-term trajectory. If the price reaches this support, investors may begin selling off their holdings to minimize losses.

Increased liquidation pressure could push DOGE lower, further extending its downtrend and amplifying market-wide concerns.  

A reversal remains possible if Dogecoin manages to reclaim the $0.268 support level. Flipping this resistance into support could fuel a recovery, allowing DOGE to aim for $0.311 and beyond. This would invalidate the bearish outlook and restore investor confidence. 

SPX6900 (SPX)

SPX suffered a significant correction, declining 50% over the past week to trade at $0.642 at the time of writing. The steep drop has put the meme coin under intense selling pressure, raising concerns among investors. Despite the decline, SPX continues to hold above a key support level.  

Currently maintaining support at $0.568, SPX remains vulnerable to consolidation within a narrow range. Historically, the meme coin has struggled to break above $0.759, delaying any meaningful recovery. If price action remains subdued, SPX could continue fluctuating between these levels, making a strong rebound less likely in the short term.  

A bullish reversal could occur if SPX flips the $0.759 resistance into support. This shift would signal renewed buying interest, allowing the meme coin to push toward $0.91. A breakout above this level would invalidate the bearish outlook.

Fartcoin (FARTCOIN)

FARTCOIN experienced a steep 58% decline this week, trading at $0.468 at the time of writing. This sharp drop positioned it as one of the worst-performing meme coins. The downturn intensified as FARTCOIN fell below the critical $0.600 support level, increasing selling pressure and dampening investor sentiment in the market.  

The next key level for FARTCOIN is $0.377, where a bounce could help stabilize the price. However, weak momentum raises concerns about continued consolidation below $0.600. Without significant buying pressure, the meme coin could struggle to regain lost ground, leading to prolonged stagnation in its price movement.  

A potential recovery remains possible if FARTCOIN reclaims the $0.600 support level. Flipping this barrier into support could pave the way for an upward push toward $0.693. A breakout above this resistance would invalidate the bearish outlook, potentially restoring investor confidence and fueling a broader recovery in the meme coin’s price.