PEPE Could Add Another Zero as Key Support Crumbles

The popular frog meme coin PEPE is getting hammered right now, and things aren't looking too pretty for holders. The token just can't seem to catch a break as it slides toward a make-or-break support level.

PEPE Takes a Hit as Crypto Market Cools Off

PEPE got absolutely wrecked yesterday, dropping 5.25% to trade at $0.00000123. But hey, it's not all doom and gloom – the little frog is still sitting pretty with an 8% weekly gain, so there's that.

The whole crypto space is feeling a bit tired after that recent pump. Major coins are showing classic signs that traders are taking profits and calling it a day. Even with all the buzz around ETFs, stablecoins, and crypto going mainstream, people seem to be playing it safe and waiting to see what happens next.

The numbers don't lie either – CoinGlass is reporting a massive $327 million in liquidations across the board in just 24 hours. Most of that pain ($272 million) came from long positions getting absolutely destroyed, while shorts only took a $54 million hit.

PEPE Charts Look Pretty Scary Right Now

Here's where things get interesting (and not in a good way). PEPE just broke below its 200-day moving average, which is basically the holy grail for determining if something's in a long-term uptrend or downtrend. When you lose that level, it's usually not great news.

If the selling doesn't stop here, the next stop is the 50-day moving average at $0.000001168. And this is where it gets really ugly – if PEPE can't hold that line, we're talking about adding another zero to the price. Yeah, you read that right. We could be looking at the coin dropping from six decimal places to seven, which would be absolutely brutal for anyone holding bags.

PEPE Could Get Much Worse

Let's say PEPE loses that 50-day moving average – then what? Well, the next big support is sitting down at $0.000001037, which is where it bottomed out on June 5th. If that level gives way too, we could see PEPE fall all the way back to that boring range it was stuck in from late January to early May.

Look, the overall crypto vibe is still pretty bullish, but a lot of coins are bumping up against resistance levels right now. Smart money is taking some chips off the table and waiting to see what happens next. For PEPE holders, it's all about whether these support levels can actually hold up when push comes to shove.

The frog needs to find its footing fast, or we might be looking at a much deeper dive than anyone wants to see.