Over the weekend, PEPE coin, a meme cryptocurrency, experienced a significant decline in price, reaching levels last seen in November. This drop comes after a bearish start to February, erasing the gains made in November, which was a bullish month for the coin. An analyst, @CryptoKaleo, predicted this sell-off and suggested there may be further downward movement. PEPE coin has declined by approximately 63% since its all-time high in December. The bearish performance is reflective of the overall market conditions. However, there are some indicators suggesting the possibility of a recovery, such as an uptick in the PEPE money flow indicator and a higher RSI low compared to the end of January. The recent crash may have been a result of a leverage shake-down, with almost $1 billion in liquidations across the crypto market, including $5 million for PEPE. Open interest also decreased during the weekend, signaling cautiousness from derivatives traders. Spot outflows of PEPE coin reached $48.52 million in the first two days of February, which could indicate low confidence in the market. Further price dips are anticipated by @CryptoKaleo, potentially reaching lows not seen since November 2024.



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