- PEPE was down by more than 6% in the last 24 hours.
The memecoin was prone to selling pressure at press time.
As an experienced analyst, I have closely observed the recent price movements of PEPE. After reaching new all-time highs, this memecoin has seen significant selling pressure, resulting in a more than 6% drop over the last 24 hours and a 7% decrease in the past week. The current market situation indicates that PEPE is trading below its lower limit within a symmetrical triangle pattern on the charts.
As a researcher observing the market trends, I’ve noticed that PEPE, having reached a new peak, has experienced a loss of upward momentum due to multiple price adjustments.
As an analyst, I’ve noticed an intriguing development in the memecoin market. Despite the current downward trend, there are emerging signs of a potential shift. Specifically, a bullish pattern has appeared on the chart of this particular memecoin. Let’s delve deeper to understand the implications of this change.
A bullish pattern
As a researcher studying the cryptocurrency market, I’ve observed a significant price correction for PEPE over the past week. Based on data from CoinMarketCap, PEPE experienced a decline of more than 7% in the last seven days. In just the previous 24 hours, its value dipped by over 6%.
Currently, PEPE is priced at around $0.00001089 during my composition of this text, while its market value exceeds $4.5 billion.
Though this could be the start of a resurgence, a symmetric triangle pattern is emerging on the memecoin’s price chart.
Despite the potential for a bounce back, unfortunately, PEPE dipped below the anticipated minimum in the pattern.
Should the current downward trend persist, investors could observe PEPE reaching its backing level at $0.00000898.
As an analyst, I’d say: If the bulls successfully push the price above the established resistance pattern, there is a strong likelihood that PEPE will revisit its record-high level.
Will PEPE breakout?
After making this decision, AMBCrypto intended to examine PEPE‘s on-chain information to gain a clearer perspective on the direction the memecoin might be taking.
Based on our examination of Santiment’s statistics, there was a significant surge in selling activity among memecoins last week. A notable uptick occurred in the coin’s supply held on exchanges.
In the meantime, the amount of this memecoin available outside exchanges decreased significantly, implying a strong demand for sellers.
Intriguingly, despite the market’s prevailing trend for selling, large investors opted to amass more of this asset. Their intentions became clear as there was a discernible increase in the quantity they held in prominent wallets.
PEPE’s prospects of surpassing its current pattern appeared less likely, based on the analysis by AMBCrypto. They noted that PEPE‘s Relative Strength Index (RSI) had recorded a decrease at the present moment, suggesting a potential continuation of the downward trend.
The MACD indicator indicated that bears held the upper hand, but the Chaikin Money Flow (CMF) line moved upward, signaling a bullish trend.
Read Pepe’s [PEPE] Price Prediction 2024-25
Based on Hyblock Capital’s data assessment, if the slump persists, there is a possibility that PEPE may bounce back above its current price of $0.000009 prior to reaching its previously mentioned support level.
If the bulls gain strength, there is a chance that the memecoin could regain $0.0000136 first before reaching a new all-time high (ATH).
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2024-06-30 13:11