This Chart Pattern may Determine if PEPE Token Price will Rally 70% or Fall 40%

PEPE Price Prediction: PEPE-the new Meme cryptocurrency in the market is currently buzzing in the minds of crypto investors as it showed 900% growth since the day of launch. On April 20th, the coin price reached an All-time High of $0.0000004036, and meanwhile, the early investor bagged around 7500X returns. However, in the last six days, the coin price tumbled 42.85% from the ATH and shaped into a famous bearish continuation pattern called a descending triangle. Here’s what the Pepe price analysis forecasts about its near future growth.

Key Points: 

• A descending triangle pattern governs the ongoing sideways trend in the PEPE token
• A bearish breakout of $0.000000176 support put the PEPE token price under prolonged correction
• The intraday trading volume in the Pepe coin is $42.5 Million, indicating a 7.9% gain.

Source- Tradingview

In the 4-hour time frame chart, the Pepe token price shows the formation of a descending triangle pattern. Undermine the influence of the pattern, the sellers recuperate the selling pressure at a downsloping trendline and show attempts to break below horizontal neckline support. 

As of now, the PEPE token price trades at $0.0000002301, with an intraday loss of 16.6%. If the token price continues to face selling pressure at the downsloping trendline, the memecoin price will eventually breach the $0.000000176 neckline support.

Also Read: 15 New Cryptocurrencies In Upcoming Binance Listing For 2023

A 4-hour candle closing below the neckline will intensify the selling pressure and tumble the memecoin 43% down to a significant psychological support of $0.0000001.

On a contrary note, a breakout above the overhead trendline is plausible which may trigger a fresh recovery rally in this trending meme coin. This breakout could drive the coin PEPE token to a potential target of $0.00000038.

Technical Indicator

Relative Strength Index: a steady drop in the RSI slope reflects the strong bearish momentum which encourages the resumption of an ongoing consolidation phase.

Exponential Moving Average: The 20 EMA as dynamic resistance gives an extra edge to market short sellers

Pepe Coin Price Intraday Levels

• Spot rate: $0.0000002301
• Trend: Bearish
• Volatility: High
• Resistance levels- $0.000000275 and $0.00000037
• Support levels- $0.000000176 and $0.0000001