PEPE Coin Price Correction Continues
PEPE, the frog-themed memecoin, has been in a downward trend for almost two months, experiencing a correction phase that has wiped out over 50% of its previous gains. The current PEPE price stands at $0.00000094, representing a 46% drop from its peak price.
Bullish Reversal Pattern Emerges
Despite the correction, an analysis of the daily chart suggests that a bullish reversal pattern is forming. This pattern indicates a potential resurgence of buyer interest in PEPE coin.
Retracement Level as a Catalyst for Rally?
- The PEPE price has rebounded multiple times from the channel pattern boundaries, showing its influence on market participants.
- A surge in demand pressure may be found at the $0.00000084 support level.
- The 24-hour trading volume for Pepe coin has seen a 39% gain, reaching $49.47 million.
The current price of Pepe coin is $0.00000094, indicating a modest intraday gain. This rise suggests a possible retest of the psychological level at $0.000001.
If selling pressure persists, the downtrend may continue within the descending channel pattern. The closest support level for investors is at $0.00000084, aligning with the 78.6% Fibonacci retracement level.
While the decline indicates diminishing bullish momentum, the strong support level presents an opportunity for buyers to initiate a counteroffensive. A bounce back from this support zone could trigger a bullish breakout from the descending channel, signaling a potential trend reversal.
Potential End of Correction Trend
The weekly chart reveals that PEPE coin is forming an inverted head and shoulder pattern, a well-known bullish reversal pattern. If this pattern holds true, the price may surge back to the neckline resistance around $0.00000165, representing a potential 80% gain.
- Bollinger Band: The lower boundary of the Bollinger band reflects aggressive selling momentum.
- Relative Strength Index (RSI): The daily RSI slope at 33% suggests that further correction may push the PEPE price into oversold territory.
Hot Take: PEPE Coin Seeks Reversal Amidst Correction Phase
Despite experiencing a significant correction phase, PEPE coin shows signs of potential reversal. The formation of a bullish reversal pattern and the influence of key retracement levels indicate a possible resurgence in buyer interest. However, investors should remain cautious as the coin faces selling pressure and a descending channel pattern. A bounce back from the strong support level at $0.00000084 could signal a bullish breakout and mark the beginning of a trend reversal. Keep an eye on PEPE coin as it seeks to find stability and potentially regain its previous gains.
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