Has Memecoin Mania Faded: When Will PEPE Price Recover Lost Momentum to Reclaim $0.0001?
As cryptocurrency markets have plummeted since the start of trading, memecoins have also lost their rally momentum. Popular memecoins have experienced significant double-digit pullbacks, including PEPE.
PEPE's price has faced significant decline, unable to recover from a sharp correction. This raises the question: has PEPE entered a bearish trend or is it waiting for an opportune moment to rebound?
Since the Mt. Gox crypto market volatility, popular tokens have faced intense bearish pressure. Bitcoin dropped below $54,000, shaking the market, including PEPE. The price has retreated 30% since the month's start, failing to maintain support levels. This has activated bearish targets, potentially leading to a further 15-20% price decrease.
After testing lows below $0.000008 several times this month, will PEPE price initiate a recovery or probe new lows?
Until the bearish trend impacted markets, PEPE price traded steadily within an ascending parallel channel. After losing support, the token now sits between pivotal zones, and a movement towards either may indicate its future direction.
Selling pressure on the token remains intense, as indicated by the depleting MACD. Consequently, the price is predicted to decline to lower support levels around $0.0000065, where it has previously encountered rebounds.
Market participants currently appear pessimistic, suggesting that PEPE's price may remain stagnant for some time. It is unlikely to recover strongly and re-enter the parallel channel but is expected to maintain support above the pivotal support zone, potentially fostering optimism for a bullish trend in the near future.
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