Has Memecoin Mania Over: When Will PEPE Price Regain the Lost Momentum to Reclaim $0.0001?
Pepe price fails to recover after breaking down from the bullish range, suggesting the growing influence of bears over the token
The token is at an important range, which may act as a strong base for a rebound and if it fails, a 30% pullback could be imminent
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?