Pepe Coin Price Prediction As Charts Signals Another 15% Drop

In response to recent reversal sentiment in the crypto market, the falling Pepe coin price has turned sideways after hitting a low of $0.00000064. This consolidation showed six short-bodied daily candles with rejection on either side indicating no initiation from buyers or sellers. Interestingly, this lateral phase is confined within the range of the September 11th candle, creating a narrow range formation. Here’s how this pattern could further influence the future projection of the Pepe price.

Also Read: Will Market Reversal Push Pepe Coin Recovery Above $0.0000008?

Is a Downfall Imminent for Pepe Coin?

• The Pepe price consolidation in a narrow range creates a no-trading zone.
•  A bearish breakdown from the $0.00000064 support could set the price for a 15% drop
• The 24-hour trading volume in the Pepe coin is $27.2 Million, indicating a 32% loss.

Source- Tradingview

Starting from the August 14th high of $0.00000147, the PEPE token is under a steep correction. This downtrend resulted in a massive 56% price erosion in just a month, bringing the coin down to $0.00000064. However, a recurring pattern has emerged within this decline, providing some insight into Pepe’s possible trajectory. 

Specifically, after each prominent drop, the coin tends to enter a phase of consolidation, as evident in the 4-hour timeframe. These phases often shape up within two converging trendlines, hinting at the creation of a bearish pennant pattern. Such patterns typically materialize within a dominant downtrend and, when their support line is breached, can result in a continuation of the downward movement.

Given that Pepe coin has exhibited a similar pattern over the last six days, it indicates a potential continuation of its bearish trend.

Is $0.00000055 Next?

The entire consolidation phase in PEPE price has been wobbling within the range of the September 11th candle indicating the candle’s high of $0.00000071 and low of $0.00000064 stands as crucial resistance and support. Thus, with the higher possibility of downturn continuation, the sellers must breach the aforementioned support to accelerate the supply pressure. the post-breakdown fall may push the price to the next psychological support of $0.00000055.

• Relative Strength Index (RSI): Despite the horizontal trend, the upward trajectory of the daily RSI suggests growing buying. momentum aiming to overcome the $0.00000071 resistance.
• Exponential Moving Average (EMA): Over the past month’s downtrend, the PEPE price has struggled to break past the 50-EMA, signifying a strong resistance that has thwarted buyers.