Is $0.0000056 the Key Support to Watch?

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Amid the possibility of a major crash in Bitcoin prices, the memecoins are growing volatile. The market capitalization of the meme coin segment has dropped to $4.69 billion by 3.65%.  Amid the growing bearish influence, PEPE is struggling to gain momentum in its bullish breakout.

With a sudden bearish turnaround, PEPE bulls are hoping for a post-test reversal.Will this reversal run or help reclaim the $0.001010 psychological mark? Let’s find out.

PEPE Price Analysis 

In the 4-hour price chart, PEPE price action reveals a bullish breakout of a falling channel pattern. The recent bounce back in PEPE from $0.0000065 resulted in a breakout value with a double bottom reversal. 

However, the bullish reversal run failed to sustain above the $0.0000072 horizontal level. This marked a failed breakout of the inverted head-and-shoulder pattern. 

The recent pullback comes as a potential reduction of the broken resistance trend line. However, the increased intensity of the bearish wave has breached the 50-EMA line. 

Starting with the morning star pattern, the downfall has now created five consecutive bearish candles. This has led to a negative crossover in the MACD and signal lines. Thus, the momentum indicator has triggered a sell signal on PEPE. 

Currently, PEPE trades at $0.0000068 with a 24-hour pullback of 4.28%. With the streak of bearish candles, the downfall is likely to break within this falling channel.

PEPE Price Targets

Despite the limited chances of a bullish recovery, with a boosted response rate, the 100 and 200 EMA lines are the next crucial price targets. These dynamic lines are priced at $0.0000071 and $0.0000081, respectively.

On the flip side, a bearish continuation will likely challenge the bullish trends at the $0.0065 mark. Beyond this, the crucial support for Pepe is at $0.0000056.

Also Read: AAVE Hints A Quick Rise to $300 as Early PEPE Whale Shows Confidence

Written by
Sahil Mahadik

As a full-time trader with over three years of hands-on experience in the financial markets, I have honed an exceptional proficiency in technical analysis, which is the cornerstone of my daily monitoring of price fluctuations in leading assets and indices. My journey into trading began with a deep fascination for financial instruments, and this curiosity naturally expanded into the ever-evolving world of cryptocurrencies. I am currently contributing to CryptoNewsZ and have also written for Coingape, The Coin Republic and TheMarketPeriodical. I am driven by my passion for the markets and want to explore new opportunities, I analyze emerging trends and strategies to get maximum returns in traditional and crypto markets.