Bearish Pattern Threatens $PEPE Price for 30% Fall

Pepepcoin Price Analysis: The recent recovery in Pepecoin price faced strong opposition from the $0.00000189 resistance, resulting in a consolidation phase lasting over three weeks. This sideways movement indicates a substantial overhead supply and the potential of a bearish reversal. In the 4-hour time chart, the market participants can observe the formation of a famous reversal pattern known as the head and shoulders. This article delves into the implications of this pattern and how it could impact Pepecoin’s price moving forward.

Also Read: New Crypto Presale ‘Evil Pepe Coin’ Launched, Raises $100,000 Day One

Pepecoin Price Daily Chart 

• The flattish EMAs(20, 50, 100, and 200) reflect the short term as sideways
• A breakdown below the neckline support will set the PEPE price for a 33% fall
• The 24-hour trading volume in the Pepecoin coin is $66.2 Million, indicating a 5.46 % gain.

Source-Tradingview

The extended consolidation below the critical resistance at $0.00000189 projects the formation of the head and shoulders pattern and accentuates the increasing bearish sentiment. This technical formation consists of three peaks, with the middle peak being the highest (the “head”) and the other two on either side (the “shoulders”). The neckline support, drawn through the lows connecting the two troughs, acts as a crucial support for coin holders.

As of the press time, Pepecoin is trading at $0.00000152, hovering just above the neckline support. An anticipated breakdown below the neckline could intensify selling pressure and pave the way for a substantial correction. 

A post-breakdown drop could see the coin plummeting by approximately 33% to hit the psychological support level at $0.000001. 

Will Pepecoin Coin Plunge to $0.000001 Mark?

Pepecoin’s price analysis points to a challenging road ahead as the coin struggles to overcome the strong resistance at $0.00000189. The formation of a head and shoulders pattern in the 4-hour time chart indicates potential bearish implications. A crackdown below the neckline support could lead to a significant downfall, with the coin’s price potentially reaching $0.00000135, followed by $0.0000012 and $0.000001 supports.

• Moving Average Convergence Divergence: A bearish crossover state{MACD(blue) line below the signal(orange)} in the higher time frame(daily) supports the potential correction.
• Exponential Moving Average: The potential breakdown will plunge the PEPE price below crucial EMAs(20, 50, 100, and 200) offering an additional edge for short traders.