Pepe Coin Price Prediction: PEPE, The Frog-themed Memecoin, has been experiencing a downward trend for almost two months, following its peak price of $0.00000175. This correction phase wiped out over 50% of the gains made during its rally in October-November, leading to a 46% drop in the PEPE price, which now stands at $0.00000094. 

Nonetheless, an analysis of the daily time frame chart reveals that this pullback is forming a bullish reversal pattern, potentially signaling a resurgence of buyer interest in this memecoin.

Key Retracement Level Set PEPE Price for Fresh Rally? 

The PEPE price rebounded at least thrice from the channel pattern boundaries reflecting the strong influence it has on market participants.
The declining price may find a surge in demand pressure at $0.00000084 support
The 24-hour trading volume in the Pepe coin is $49.47 Million, indicating a 39% gain.
Pepe Coin Price Prediction| TradingView Chart

As of the latest update, Pepe coin price trades at $0.00000094, marking a 1% intraday gain. This modest rise hints at a possible retest to the recently breached psychological level of $0.000001, testing its stability at this lower plateau. 

However, if the coin continues to face significant selling pressure, this downtrend may extend, driven by a descending channel pattern. The closest support level for PEPE investors is pegged at $0.00000084, aligning with the 78.6% Fibonacci retracement level.

Although such a steep decline suggests a diminishing bullish momentum, the solid support level may present an opportunity for buyers to launch a counteroffensive. A bounce back from this support zone could trigger a bullish breakout from the descending channel, marking an early indication of a potential trend reversal.

Is PEPE Price At the End Of Correction Trend?

PEPE Price| TradingView Chart

The weekly time frame chart shows the Pepe coin price is developing a well-known bullish reversal pattern called inverted head and shoulder. If the chart pattern holds true, this memecoin is witnessing a last pullback before the price surges back to the neckline resistance around $0.00000165, registering a potential 80% gain.

Bollinger band: A downtick in the lower boundary of the Bollinger band reflects the selling momentum is still aggressive.
Relative Strength Index: The daily RSI slope at 33% indicates that further correction may push the PEPE price to an oversold region.

Related Articles:

Crypto Prices Today: Bitcoin, Ethereum, Solana, Pepe Coin Recover As PYTH Leads Rally
Bonk Vs MEME AI : Which Memecoin Will Rally the Most in 2024?
Ethereum’s Vitalik Buterin Spooks Memecoin World With This Post

The post Pepe Coin Price Prediction Hints Final Dip Before $PEPE Regains $0.0000015 Mark appeared first on CoinGape.

---

Filed under: News - @ January 1, 1970 12:00 am