- PEPE was down by more than 6% in the last 24 hours.
- The memecoin was prone to selling pressure at press time.
PEPE, after touching an all-time high, has lost its bullish momentum as it has witnessed several price corrections.
However, the trend might change soon as a bullish pattern appeared on the memecoin’s chart. Let’s take a look at what’s cooking.
A bullish pattern
PEPE fell victim to massive price corrections last week. According to CoinMarketCap, PEPE’s price dropped by more than 7% in the last seven days. In the last 24 hours alone, its value dropped by over 6%.
At the time of writing, PEPE was trading at $0.00001089 with a market capitalization of over $4.5 billion.
However, this might just be the beginning of a comeback, as a symmetrical triangle pattern forms on the memecoin’s charts.
Though there were chances of a recovery, the bad news was that PEPE actually fell below the lower limit of the pattern.
Source: TradingView
If the declining pattern continues, then investors might witness PEPE falling to its support level of $0.00000898.
However, if the bulls step up and manage to initiate a breakout above the pattern, then the chances of PEPE retesting its all-time high are high.
Will PEPE breakout?
AMBCrypto then planned to check PEPE’s on-chain data to better understand which way the memecoin was headed.
As per our analysis of Santiment’s data, selling pressure on the memecoin increased last week. Notably, its Supply on Exchanges increased sharply.
Meanwhile, its Supply outside of Exchanges dropped, meaning that selling pressure on the memecoin was high.
It was interesting to note that while selling pressure was dominant in the market, whales chose to accumulate. This was evident from the rise in its supply held by top addresses.
Source: Santiment
The chances of PEPE breaking above the pattern looked even slimmer. AMBCrypto found that PEPE’s Relative Strength Index (RS) registered a downtick at press time, hinting at a further downtrend.
The MACD also displayed that the bears were at an advantage. Nonetheless, the Chaikin Money Flow (CMF) was in the bulls’ favor as it went northward.
Source: TradingView
Read Pepe’s [PEPE] Price Prediction 2024-25
As per our analysis of Hyblock Capital’s data, if the downturn continues, the PEPE has a chance to recover from $0.000009 before dropping to its aforementioned support level.
However, if the bulls step up, then investors might witness the memecoin reclaiming $0.0000136 first before testing its ATH.
Source: Hyblock Capital
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