Hold onto your Pepe the Frog memorabilia, because the party in the meme coin sector might be taking a short break. Pepe Coin, the amphibian altcoin that surged a whopping 400% last month, has hit a snag, dropping over 15% in the past 24 hours.

This sudden downturn isn't unique to Pepe. The entire crypto market is feeling the jitters as the Federal Reserve meeting looms large. Investors are nervously chewing their fingernails, unsure what policy pronouncements will emerge from the Federal Open Market Committee (FOMC) on March 20th.

Uncertainty Breeds Volatility

While the Fed isn't expected to adjust interest rates, the mere possibility of a change is enough to spook investors and trigger sell-offs. Pepe Coin, along with its altcoin brethren, is caught in the crossfire of this market anxiety.

Technical Analysis: A Glimpse into Pepe's Future

Despite the recent dip, there's still hope for Pepe bulls. Technical analysis paints a somewhat mixed picture. The pivot point currently sits at $0.0000065, with resistance levels acting like hurdles Pepe needs to overcome to keep climbing. Support levels, on the other hand, offer potential safety nets to prevent further falls.

The Relative Strength Index (RSI) currently hovers at 34, suggesting Pepe might be nearing oversold territory. This could indicate a potential reversal if buying pressure returns. The 50-Day Exponential Moving Average (EMA) sits above the current price, suggesting a downtrend, but a break above this line could signal a bullish shift.

Fibonacci Retracement: A Tug-of-War Between Bulls and Bears

Adding another layer of complexity, Pepe recently completed a 38.2% Fibonacci retracement. A fall below this level could extend the downtrend, while a surge past it might propel Pepe towards higher Fibonacci levels.

The Verdict: Buckle Up for a Bumpy Ride

Right now, the technical outlook for Pepe Coin leans bearish, especially below the $0.0000065 pivot point. However, a breakout above this level could change the game. The upcoming Fed meeting is likely to continue influencing market sentiment, so expect some volatility in the coming days.

While Pepe grapples with market jitters, don't forget about Sponge V2! This meme coin with a plan is approaching its exchange listing, offering a unique opportunity for investors seeking a project with both humor and utility. Stay tuned for more on that!