Failing to find the momentum to drive an inverted head and shoulder breakout rally, the PEPE price trend is turning bearish daily. Despite the short hiccups of recovery, the downfall trend in PEPE leads to a falling channel clear as day in the 1D chart.
The downtrend currently tests bullish dominance at a crucial support level and warns of a sharp fall in case of bullish failure. Nevertheless, the history of making a comeback with high momentum supports the bullish PEPE coin price prediction that sees a rally in 2024.
With the descending trendlines putting a boundary to the falling PEPE price trend, the daily chart witnesses falling channel formation. The bearish attack accounts for damage of 24% to the PEPE market cap in the last four weeks.
The meme coin shows a sideways break at the crucial support of $0.0000012 that has held the downfall for the past three days. Moreover, the recent overnight rise of 5.90% fails to revive the bullish engine and takes a quick fall today.
Currently trading at $0.0000012173, the PEPE coin shows a bullish intraday fall of 3.06%, undermining last night’s recovery. Thus, the selling pressure is on the higher side and warns of a bearish continuation if the overall conditions fail to improve this month.
Technical indicators:
EMA: The 200-day EMA provides dynamic support to the falling PEPE price and stays close to the $0.0000012 support level.
MACD: The falling PEPE price leads to increased bearish momentum and leads to an increased downfall in the MACD and signal lines.
Hence, the technical indicators represent a remarkable rise in the bearish pressure.
Will The Lack Of Bullish Motivation Crash PEPE Price?
As the overall market is under constant selling pressure over the past few days, Bitcoin and the major altcoins are stepping down from important levels. Similarly, the meme coins are failing to sustain the last year’s bullish momentum.
Coming the Pepe, if the buyers manage to sustain dominance over the $0.0000012 mark, then the uptrend possibility arises. In such a case, the PEPE price can reach the $25 mark, accounting for almost a 25% hike.
However, a pullback under $0.0000012 can drop the prices to $0.0000010.
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