The post Pepe Price Losing Momentum: Will It Trigger a Rebound to $0.000014 or Plunge to $0.00001? appeared first on Coinpedia Fintech News
The memecoins have been displaying acute strength with huge price variations as a momentary shift from the major tokens has been observed. Among all of them, Pepe’s price has been extremely active, as the prices have been barging into the higher ranges. However, the bulls seem to have been facing a lack of strength and as a result, the price could find a bearish close for the month.
The PEPE price has boomed in the last couple of months and is currently plunging after failing to hold the resistance. Hence, bearish scenarios have already been initiated, which may cause the price to drop by nearly 15%, close to $0.00001. However, the possibility of a bullish reversal has also made some room, as the buying volume is slowly rising but the traders do not seem to be quite confident in the upcoming trend.
Regardless of the bearish pressure over the token, the PEPE price has been trading within a bullish pattern, indicating the bulls are holding some dominance. On the other hand, the prevailing bearish action could be only a minor pullback or a small correction, which may be outperformed by a strong bullish action. Even though the RSI is not bullish, the positive MACD indicates the bulls are slowly gaining back momentum as they are trying hard to accumulate the buying pressure. Besides, the Ichimoku cloud also suggests the end of a minor correction as the levels are gearing up for a bullish crossover.
Now that the price is receiving bullish support, the probability of a reversal may also be pretty high. In such a case, the PEPE price is expected to reclaim levels above $0.000015 before the end of the monthly trade which may pave the way to begin the monthly trade on a bullish note. With the beginning of a fresh quarter, the traders may also be hopeful and a notable rise in confidence may attract fresh liquidity, which may in turn uplift the Pepe price towards a new ATH.