Will Buyers Defend $0.00000075 support

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.

Source- 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.