Pepe, the third-largest meme coin, has experienced a recent downturn, losing momentum and dropping to a key support level of $0.000010. This decline has resulted in a $6 billion decrease in market capitalization, falling from $10 billion to $4.1 billion. The sell-off coincided with a decrease in futures open interest, indicating reduced investor demand. However, the number of Pepe holders has increased, showing some confidence in the coin. Technical analysis suggests that Pepe may be forming a bearish flag pattern, potentially leading to further downside. On the other hand, there is also the possibility of a bullish reversal, as the coin has formed a falling wedge pattern, which could result in a rebound towards $0.000025.



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