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Amid the possibility of a major crash in Bitcoin prices, the memecoins are growing volatile. The market capitalization of the meme coin segment has dropped to $4.69 billion by 3.65%. Amid the growing bearish influence, PEPE is struggling to gain momentum in its bullish breakout.
With a sudden bearish turnaround, PEPE bulls are hoping for a post-test reversal.Will this reversal run or help reclaim the $0.001010 psychological mark? Let’s find out.
PEPE Price Analysis
In the 4-hour price chart, PEPE price action reveals a bullish breakout of a falling channel pattern. The recent bounce back in PEPE from $0.0000065 resulted in a breakout value with a double bottom reversal.
However, the bullish reversal run failed to sustain above the $0.0000072 horizontal level. This marked a failed breakout of the inverted head-and-shoulder pattern.
The recent pullback comes as a potential reduction of the broken resistance trend line. However, the increased intensity of the bearish wave has breached the 50-EMA line.
Starting with the morning star pattern, the downfall has now created five consecutive bearish candles. This has led to a negative crossover in the MACD and signal lines. Thus, the momentum indicator has triggered a sell signal on PEPE.
Currently, PEPE trades at $0.0000068 with a 24-hour pullback of 4.28%. With the streak of bearish candles, the downfall is likely to break within this falling channel.
PEPE Price Targets
Despite the limited chances of a bullish recovery, with a boosted response rate, the 100 and 200 EMA lines are the next crucial price targets. These dynamic lines are priced at $0.0000071 and $0.0000081, respectively.
On the flip side, a bearish continuation will likely challenge the bullish trends at the $0.0065 mark. Beyond this, the crucial support for Pepe is at $0.0000056.
Also Read: AAVE Hints A Quick Rise to $300 as Early PEPE Whale Shows Confidence
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