The most recent analysis indicates that time is running out for holders of this meme coin, as bears are steadily gaining momentum. Notably, a bearish pattern has formed, suggesting a potential downside of up to 50% for the bears.
During the ongoing recovery phase in the crypto market, PEPE, a memecoin known for its frog-themed branding, has experienced a notable decline over the past three days. This downward trend has led to a significant breakthrough as the coin price has fallen below the lower trendline of the symmetrical triangle pattern. This breach suggests that the coin price is likely to continue its descent in the near future.
On May 29th, the price of the PEPE memecoin experienced a bearish breakdown, as it fell below the support trendline of the pattern. This development indicates that bears have gained sustained control over the market trend, suggesting a continued downward trajectory for the coin's price.
The recent breakdown below the triangle pattern suggests a continuation of the ongoing downtrend in the PEPE coin price. According to theoretical analysis, the initial targets for the potential downward movement are the swing lows that were formed during the formation of the pattern. Therefore, it is anticipated that the PEPE price may face increasing selling pressure at $0.00000132, with further demand expected at $0.000001.
PEPE faces an initial obstacle at the level of $0.0000012650. The first significant barrier to overcome is around $0.0000013240. If this level is successfully breached, it has the potential to ignite an upward momentum in the price. If the token maintains its position above $0.0000014000, further progress may push the price towards the barrier of $0.0000015200-$0.0000015400.
If PEPE is unable to surpass the barrier at $0.0000012650, there is a possibility of further decline. In this case, a significant support level to watch for is at $0.0000012000. If the price drops below this level, it could lead to increased selling pressure, potentially driving PEPE towards the support zone around $0.0000011500 in the near future. In such a scenario, the price of PEPE may decline towards the support zone of $0.0000011000-$0.0000010000 in the short term.
According to Price Analysis, the market capitalization of this PEPE is expected to be $488,122,627. The coin's 24-hour trading volume is nearly $146,386,629.
KEY LEVELS :
RESISTANCE LEVEL : $0.0000013000-$0.0000013500
SUPPORT LEVEL : $0.0000012000-$0.0000011500
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
