The memecoin PEPE sparked market frenzy with its meteoric rise... but that era seems to be over. With selling pressure, lack of solid fundamentals, and waning market interest, the signals are flashing red. Will PEPE bounce back... or will its ATH remain out of reach forever?
Recently, PEPE has been trading in a symmetrical triangle pattern, characterized by converging support and resistance lines. According to the analysis, this pattern could potentially trigger a significant bullish rally. The price projection for this crypto could reach $0.00001144. However, before this surge materializes, the price of PEPE is expected to drop first, possibly down to the $0.00000681 support level.
Source: TradingView
Market technical indicators, such as Bollinger Bands and the Chaikin Money Flow, highlight this potential bearish pressure. The Chaikin Money Flow remains in the positive zone. However, its downward movement indicates an ongoing distribution phase. This suggests that the decline of PEPE could be moderate before a significant rebound at the support level.
Source: TradingView
The market spot operators also contributed to the decline towards the support level by selling approximately $2.78 million worth of PEPE. However, the market’s relatively slow reaction to these sales is a sign of deliberate accumulation, hinting at the possibility of a massive upward rebound.
While PEPE must first face a critical support test, the long-term outlook for the memecoin remains positive. If technical indicators maintain their current direction, PEPE could be gearing up for a massive bullish rally once this support level is successfully tested. Investors will closely monitor the next moves of this iconic memecoin.
However, despite a potential short-term technical rebound, reclaiming its all-time high would be a feat for PEPE. The memecoin has dropped too much from its peaks. In a market context that is still uncertain and dominated by more robust projects, such a recovery seems highly improbable today. If you wish to buy PEPE today, you can do so through the Weex platform. Here’s how:
Passionate about the crypto world, he explores the blockchain ecosystem to extract the most essential insights. With his expertise in SEO and web writing, he transforms news and technical analysis into clear, engaging, and impactful content. His goal? To help investors better understand the opportunities and challenges of the crypto market.
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