Memecoins
When will PEPE price regain lost momentum to reclaim $0.0001?
As the cryptocurrency markets have been crashing since the beginning of the day, memecoins have also lost control of the upside. The most popular ones are facing massive pullbacks by double-digit margins. Pepe price also seems to be in deep trouble as the token has failed to bounce back after a sharp correction. Does this imply that the token has fallen into a deep downtrend or is it waiting for the right moment for a bounce?
Since the Mt. Gox terror hit the cryptocurrency markets, popular tokens have been facing a strong bearish trend. Bitcoin falls below $54,000which shook the entire cryptocurrency market, including memecoins like PEPEThe price has suffered a 30% pullback since the beginning of the month as the token fails to hold the lower support of the bullish pattern. With this, bearish targets are activated as they could try to reduce the price by another 15-20%.
After testing lows below $0.000008 a few times this month, will Pepe price initiate a rebound or test new lows?
Until the bearish trend hits the markets, the PEPE Award The token has been trading thinly within an ascending parallel channel. After losing support, the token is now positioned between two pivot zones and a move towards either of them can confirm the next price action. Selling pressure continues to intensify on the token as indicated by the draining MACD. The price is therefore expected to drop towards the lower support below $0.000007 at around $0.0000065 which could trigger a bounce as it did before.
Market participants now seem pessimistic about the next price action, which means that Pepe price is likely to remain stagnant for a while longer. It will certainly not bounce sharply and enter the parallel channel, but it will hold firmly above the pivot support area, which could keep hopes alive for an uptrend in the coming days.