Pepe Coin Price Prediction As Repetitive Pattern Signals Another 15% Drop

Republished By Plato

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The Pepe price breakdown from the range support of $0.00000064 will bolster sellers for further downfall. Should you sell this?

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Published 2 hours ago

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In response to recent reversal sentiment in the crypto market, the falling Pepe coin price has turned sideways after hitting a low of $0.00000064. This consolidation showed six short-bodied daily candles with rejection on either side indicating no initiation from buyers or sellers. Interestingly, this lateral phase is confined within the range of the September 11th candle, creating a narrow range formation. Here’s how this pattern could further influence the future projection of the Pepe price.

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Also Read: Will Market Reversal Push Pepe Coin Recovery Above $0.0000008?

Is a Downfall Imminent for Pepe Coin?

The Pepe price consolidation in a narrow range creates a no-trading zone.
A bearish breakdown from the $0.00000064 support could set the price for a 15% drop
The 24-hour trading volume in the Pepe coin is $27.2 Million, indicating a 32% loss.

PEPE Price Prediction

Source- Tradingview

Starting from the August 14th high of $0.00000147, the PEPE token is under a steep correction. This downtrend resulted in a massive 56% price erosion in just a month, bringing the coin down to $0.00000064. However, a recurring pattern has emerged within this decline, providing some insight into Pepe’s possible trajectory.

Specifically, after each prominent drop, the coin tends to enter a phase of consolidation, as evident in the 4-hour timeframe. These phases often shape up within two converging trendlines, hinting at the creation of a bearish pennant pattern. Such patterns typically materialize within a dominant downtrend and, when their support line is breached, can result in a continuation of the downward movement.

Given that Pepe coin has exhibited a similar pattern over the last six days, it indicates a potential continuation of its bearish trend.

Is $0.00000055 Next?

The entire consolidation phase in PEPE price has been wobbling within the range of the September 11th candle indicating the candle’s high of $0.00000071 and low of $0.00000064 stands as crucial resistance and support. Thus, with the higher possibility of downturn continuation, the sellers must breach the aforementioned support to accelerate the supply pressure. the post-breakdown fall may push the price to the next psychological support of $0.00000055.

Relative Strength Index (RSI): Despite the horizontal trend, the upward trajectory of the daily RSI suggests growing buying. momentum aiming to overcome the $0.00000071 resistance.
Exponential Moving Average (EMA): Over the past month’s downtrend, the PEPE price has struggled to break past the 50-EMA, signifying a strong resistance that has thwarted buyers.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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