Will Buyers Defend $0.00000075 support

Will Buyers Defend $0.00000075 support

the inverted pennant pattern formation indicates upcoming downfall in PEPE price. should you sell this?

Published 26 seconds ago

Over the past week, Pepe Coin price action has been marked by indecision. Its largely sideways movement, punctuated by short-bodied candles and pronounced wick rejections at both ends, underscores a market waiting for cues. This drawn-out consolidation phase, as highlighted in our previous article, has given rise to a bearish pennant pattern. Typically, this formation suggests a potential continuation of the preceding downtrend.

Also Read: PEPE Price Prediction: Bearish Flag in $PEPE Chart Signal a 10% Downturn

Breakdown from Support Trendline Sets Pepe Price for 11% Drop

  • The Pepe price may consolidate longer before a decisive breakdown.
  • The coin price trading below the 4-hour chart EMAs(20, 50, 100, and 200) indicates a downtrend is active.
  • The 24-hour trading volume in the Pepe coin is $34 Million, indicating an 18% loss.

TradingView ChartSource- Tradingview

At the time of writing, Pepe Coin is priced at $0.000000788. Today’s movement sees it recording a modest 1.25% downtick, bouncing back to the pennant’s lower boundary. This downtick might indicate a persistence of the current consolidation, at least for a few more trading sessions. 

Yet, with the price steadily approaching the apex of the pennant, a decisive breakout – or breakdown – is looming on the horizon. Many analysts may towards a bearish outcome for PepeCoin, given the pattern’s traditional implications. 

Should the price breach the pennant’s lower trendline, it would signify a resurgence of bearish sentiment. In such a scenario, we might see Pepe Coin slide by approximately 11%, breaking below the $0.00000075 support to hit $0.00000070.

Can Pepe Price Rise Back to $0.00000091?

While a bearish outcome seems more probable, it’s not set in stone. For those seeking a safer entry point, it might be prudent to await a confirmed breakout from the pennant. The space between the pattern’s converging trendlines represents a ‘no trading zone’ for many. A decisive break above the pennant could negate the bearish outlook, propelling Pepe Coin towards the $0.00000091 mark.

  • Relative Strength Index: Despite a rising RSI, the price action making a lower high indicates the buyers’ attempts to recover are getting undermined.
  •  Bollinger Band: The sideways track of Bollinger Band indicators reflects an increasing market volatility.

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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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