Price charts in the memecoin space are showing a downward trend as market volatility is about to peak. With the Bitcoin halving approaching, people are beginning to speculate whether the top altcoins will see a breakout rally after the halving, thereby driving a memecoin-like rally in the second quarter.
For a short period of time, PEPE traded in a narrow range of $0.00000080 to $0.00000200, showing a neutral trend. The bulls finally accumulated enough strength, causing PEPE's price valuation to quickly surge by an astonishing 521.39%. However, when the price touched the $0.00000590 support level, it encountered stubborn resistance and could not continue to break through.
After a brief period of sideways trading, bullish forces re-emerged, pushing the price of PEPE coin up by 42.45%. However, the gains were curbed when the price encountered a strong resistance level of $0.000010. Subsequently, the bullish momentum gradually weakened and the price fell below the key support level. Since then, the price of PEPE coin has been fluctuating in a narrow range of $0.00000590 to $0.00000785.
The technical indicator MACD continues to show red histograms, highlighting the current buying and selling pressure in the cryptocurrency market. In addition, the moving average in the chart also shows obvious signs of correction, further suggesting a downward trend in PEPE prices this week.
Can PEPE prices rebound?
If the market can push the price above the $0.00000785 resistance level, the bulls’ momentum is expected to further increase and attempt to break through the $0.00001 resistance level above in the coming week. If the price can stabilize at this level, it will lay a solid foundation for Pepe memecoin to challenge the higher resistance level of $0.000012 in the future.
However, if the bulls fail to regain control of the market, the PEPE token may pull back to test the $0.00000590 support level. More negatively, if the bears continue to dominate the market, the PEPE token may experience a sharp drop and may test the lower $0.0000040 support level within this month.