PEPE Memecoin Faces Selling Pressure but Hints at Potential Bullish Breakout

  • The cryptocurrency PEPE has experienced a marked decline, falling over 6% in the last day.
  • Current trends indicate that PEPE may be under significant selling pressure.
  • A recent analysis suggests a potential change in market dynamics due to emerging patterns.

PEPE’s recent price drop raises concerns, but chart patterns hint at potential recovery. Explore the analysis and future outlook.

Emerging Bullish Pattern

The past week has been turbulent for PEPE, enduring substantial price corrections. According to CoinMarketCap, PEPE’s value has plummeted by more than 7% over the last week, with a significant 6% drop in the past 24 hours alone.

Presently, PEPE is priced at $0.00001089 and boasts a market cap exceeding $4.5 billion. This downturn might be poised for a reversal, with the appearance of a symmetrical triangle pattern on its charts providing a beacon of hope.

Analyzing the Pattern

Despite the emerging pattern, PEPE’s price recently breached the lower boundary of the triangle, creating a precarious situation. Should this trend persist, prices might dip to the support level of $0.00000898. Conversely, successful bullish intervention could propel PEPE towards testing its previous all-time highs.

Potential Breakout Possibilities

A deeper dive into PEPE’s on-chain metrics using Santiment’s data reveals intensified selling pressures as evidenced by a sharp increase in Supply on Exchanges. Concurrently, a decrease in Supply outside of Exchanges highlights the high selling activity.

Interestingly, despite the selling trend, whale accumulation was on the rise, indicating a growing share of PEPE held by major addresses. This divergent activity suggests that future price movements could tilt either way.

Technical Indicators

Technical indicators provide mixed signals regarding PEPE’s future. The Relative Strength Index (RSI) indicates further downside risk with a notable downtick, while the MACD favors the bears. Nonetheless, the Chaikin Money Flow (CMF) suggests bullish momentum with a northward trajectory.

Market Outlook

Analysis from Hyblock Capital indicates that, should the downturn continue, PEPE might find support around $0.000009 before potentially dropping further. However, a bullish resurgence could see it reclaim levels of $0.0000136 and perhaps challenge its previous all-time highs.

Conclusion

In conclusion, PEPE’s current market behavior underscores the volatility inherent in cryptocurrency trading. While recent trends point to significant selling pressure, emerging patterns and whale accumulation offer a glimmer of hope for recovery. Investors should closely monitor technical indicators and on-chain data to navigate the potential risks and opportunities in PEPE’s market trajectory.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Bitcoin Liquidation Alert on CEXs: $1.226B Shorts at $114K vs $1.603B Longs at $110K

The latest Coinglass data indicates that if Bitcoin breaches...

Bitcoin Nets 3,057 BTC Inflow to CEX in 24h — Kraken Leads, Binance Posts 832 BTC Outflow

COINOTAG (Sept 9) citing Coinglass data reports a 24-hour...

24,400 ETH Inflows to CEXs in 24 Hours: Binance Leads with 13,100 ETH, Bitfinex & Bybit Follow; Gemini Tops Outflows

COINOTAG reported on September 9, citing Coinglass data that...

Ethereum Liquidation Shock: Coinglass Warns $709M Shorts at $4,400 vs $1.96B Longs if Price Falls Below $4,200

Ethereum short liquidation metrics from Coinglass indicate that a...

MYX Suffers $46.89M in 24-Hour Liquidations, Leading Crypto Market — Coinglass

According to Coinglass data on September 9, the MYX...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img