PEPE has not found a 200% bullish pattern
If this pattern is validated
PEPE price is trending down, indicating a strong bearish sentiment in the market. The price has been making new lows and lower highs, but since August 16, support seems to be forming, which could turn the tide for PEPE.
The recent candlestick chart shows a small real body candle near the $0.00000700 support level, which shows that the market is indecisive and the selling pressure may be waning.
If the price of Pepe Coin can sustainably hold above this support level and start to rise, it may complete a double bottom pattern, which is a bullish reversal market structure. If this happens, the price of PEPE may surge 78% to $0.00001600.
In addition, the current support level of PEPE coincides with the 0.618 Fibonacci retracement level, which further solidifies the importance of this area.
A rebound from the 61.8% Fibonacci retracement could push PEPE towards the 0.27 Fibonacci extension, around $0.00002250, which would be a more than 200% (i.e. 4x) increase from the current price.
The Moving Average Convergence/Divergence (MACD) line is below the signal line, and both are in negative territory, suggesting that bearish momentum continues, although the histogram bars show signs that bearish momentum may be waning.
If PEPE bulls lose this support level, it would indicate extreme weakness and could invalidate the current bullish thesis. Pepe Coin’s price could fall further to test the next lower support level of $0.00000475, which would be a 35% drop from the current price.
At present, the market is in a bull market, but you still have no direction, and you are still selling and buying all day long. Why not join us in this together? Click on the avatar, follow us, and we will take you to the forefront of the bull market for free.
