While the crypto markets have been crashing since the beginning of the day’s trade, the memecoins have also lost control over the rally. The popular ones are facing massive pullbacks of over double-digit margins. Pepe’s price also appears to be in huge distress, as the token has been failing to rebound after a steep correction. Does this imply that the token has fallen into a deep bearish trend or is waiting for the right time for a rebound?
Ever since the Mt. Gox terror has stroked the crypto markets, the popular tokens have faced extensive bearish heat. Bitcoin slipped below $54,000, which shook the entire crypto market, including memecoins like PEPE. The price has experienced a 30% pullback since the start of the month as the token fails to hold the lower support of the bullish pattern. With this, bearish targets get activated, as they could try to slash the price by another 15% to 20%.
After testing the lows below $0.000008 a couple of times this month, will the Pepe price initiate a rebound or test new lows?
Until the bearish trend struck the markets, the PEPE price traded finely within an ascending parallel channel. After losing support, the token is now stationed between a couple of pivotal zones and a move towards either of them may confirm the next price action. The selling pressure continues to intensify over the token, as indicated by the draining MACD. The price is hence speculated to drop to the lower support below $0.000007 at around $0.0000065, which may trigger a rebound as it did before.
The market participants now appear to have turned pessimistic about the next price action, due to which the Pepe price is expected to remain stagnant for some more time. It may certainly not rebound finely and enter the parallel channel but it will hold itself strong above the pivotal support zone, which may keep up the hopes of a bullish trend in the coming days.
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