PEPE Losing Pivotal Support: Did Bears Regain the Momentum or Is It an Opportunity to Stack More?
The post PEPE Losing Pivotal Support: Did Bears Regain the Momentum or Is It an Opportunity to Stack More? appeared first on Coinpedia Fintech News
The market participants appear to have become pessimistic about the next price action as the volume of most cryptos has depleted. On the other hand, the popular memecoin PEPE has managed to attract significant volume, due to which the volatility of the token has maintained within decent levels. Hence, regardless of an interim pullback, the PEPE price seems to be poised to trigger a strong rebound, but testing the lower support is imminent.
The start of September was pretty bearish for the PEPE price rally as the levels dropped below $0.0000065. However, the token rebounded and surged by over 25% in a week, indicating the possibility of a bullish continuation. Unfortunately, the bears have again begun to exert some pressure as the token is about to exit a decisive pattern. Therefore, this popular memecoin appears to be poised for a 15% pullback in the next couple of days.
The PEPE price has been trading within a decisive symmetrical triangle and is stuck at the support. It seems that the price may lose these pivotal levels before reaching the apex, which may delay the bullish breakout to $0.00001. Moreover, the technicals continue to remain bearish with less possibility of turning bullish. Therefore, a continued downward trend remains imminent.
The MACD appeared to be strong in the past week, but the buying pressure is slowly fading away, which suggests the bears may take back control soon. Besides, the DMI levels, which were approaching a crossover, diverted and remained expanded. The MACD also remains within a negative range, suggesting the bearish clouds hovering over the PEPE price rally. Therefore, the price is believed to drop by another 10% before the end of the month; however, the start of Q4 is expected to be bullish, which may flutter bullish flags over the crypto.