The cryptocurrency market is currently experiencing a general downward pressure, with Ethereum (ETH) dropping by 4% to $4,250. This negative trend has also impacted "meme coins" like Pepe (PEPE), once a top-performing cryptocurrency in recent months.
From a technical perspective, PEPE appears to be following a consolidation pattern in a symmetrical triangle, typically a precursor to a strong price impulse in either direction. The current pullback has brought the price back to the lower support of the triangle, around $0.00001060, a crucial zone that could determine future price developments.
Simultaneously, a bearish harmonic pattern known as a “Bat” is forming, with its point C developing precisely on this descending trendline. This reinforces the importance of this support level for buyers.
If buyers manage to defend the $0.00001060 zone, a rebound toward the 50-day moving average ($0.00001157) could occur. This would validate the relevance of the Bat pattern. Breaking through this threshold would then open the path to testing the upper resistance, potentially aligned with point D ($0.00001371) of the harmonic structure.
Conversely, a breakdown below the triangle support would trigger a bearish acceleration, with the next major support being the 200-day moving average at $0.00001003. This level could attract new buying interest on the dip, offering an opportunity for attentive traders.
PEPE’s current momentum is playing out on crucial ground, between a key technical support and a bearish harmonic configuration. The coming sessions will be decisive in establishing the upcoming trend. Savvy investors will closely monitor the evolution of this meme token, which could hold new surprises in the weeks ahead.
To try your luck with Ethereum’s iconic memecoin, here’s a simple guide to obtaining it right now on Bitget :
Passionate about cryptocurrencies since 2019, I cover the latest news through clear and accessible articles. My goal is to make crypto understandable for everyone, with reliable and well-researched content.
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