Completion of bearish pennant pattern puts PEPE price at risk of further downfall; should you sell?
Published 10 mins ago
The Pepe price trajectory is sketching out a repetitive pattern identifiable as a bearish pennant during its present correctional journey. A closer examination of the 4-hour chart pinpoints that subsequent to a marked decline, the PEPE price often adopts a lateral movement, seemingly recuperating its dwindling bearish energy. This trend was prominently visible in its consolidation throughout the past week. However, a recent plummet below its support trendline hints at the potential for further downfall.
PEPE Price Heading to $0.0000005
- A bearish pattern formation threatens the coin holders for prolonged correction
- The falling coin price may witness demand pressure at the $0.0000005 mark
- The 24-hour trading volume in the Pepe coin is $27.2 Million, indicating a 32% loss.
On September 17th, the Pepe coin price demonstrated a decisive plunge below the support trendline of its pennant pattern. Such a downward thrust grants bearish traders an added edge to exert further downward pressure on the assets’ valuation.
Despite this, the broader bullish sentiment reverberating throughout the crypto sphere has driven the price to register a 3.2% intraday appreciation, effectively nudging the price to confront the recently breached support, but this time, as potential resistance.
At the moment of this analysis, the ‘frog-themed memecoin,’ stands at $0.00000064. Should it maintain its stance beneath this recently compromised support, bearish traders might capitalize on this to further the correctional trajectory by approximately 22%, directing the coin towards the $0.0000005 benchmark.
PEPE vs DOGE vs SHIB Performance
Source: Coingape| Pepe Coin vs Dogecoin Vs Shiba Inu Price
Delving deeper into the price dynamics of renowned meme-based cryptocurrencies over the trailing quarter, the Pepe price volatility emerges starkly when compared against the Dog-theme Shiba Inu price and Dogecoin price.
The price chart shows the Pepe Coin has been under a steady downward journey since mid-July and continues to plunge lower with high momentum selling.
Contrarily, the price action of both SHIB and DOGE exudes relative stability, with both coins navigating a shorter-term lateral phase
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.