Bitcoin's halving effect is significantly impacting PEPE and other top coins. đž Pepe Coin has been stuck in sideways movement for the past four days, with short candles indicating no clear direction. However, it's nearing critical support amidst Bitcoin's halving, hinting at a potential rebound.
Pepe Coin's price has been consistently dropping for over a month, forming new lows on the daily chart. Trends and fluctuations are creating a channel pattern, which is a typical setup before a breakout.
Starting from $0.00001084 in mid-March, $PEPE has experienced a 55% drop to $0.00000492. Despite this decline, it remains among the top 50 cryptocurrencies with a $2.07 billion market cap.
If selling pressure persists, PEPE might drop by 25% to $0.0000035. However, with Bitcoin's halving approaching and the launch of Coinbase Advanced's 1000PEPE-PERP Sundays, the dynamics could change.
Buyers will gain control if the channel model breaks upward, potentially leading to a rally up to $0.00001084.
Technical Indicators:
- EMA: PEPE is trading below the 20- and 50-day EMA, indicating a bearish trend. The descent of EMA may accelerate selling.
- MACD: A negative cross between MACD (blue) and Signal (orange) suggests a continued downtrend for PEPE.