PEPE lost its bullish momentum after witnessing multiple price corrections following its all-time high. However, this trend might change as a bullish formation appears on the memecoin chart. PEPE fell victim to significant price corrections last week. According to CoinMarketCap, PEPE’s price dropped by more than 7% in the last seven days, with a decline of over 6% in the last 24 hours alone.
What is Happening with PEPE?
At the time of writing, PEPE was trading at $0.00001089 with a market cap of over $4.5 billion. However, this could be just the beginning of a reversal as a symmetrical triangle pattern formed on the memecoin chart. Despite the bullish potential, bad news was that PEPE actually fell below the lower boundary of the formation.
If the bearish pattern continues, investors might witness PEPE falling to the $0.00000898 support level. However, if the bulls take charge and initiate a breakout above the formation, PEPE has a high chance of retesting its all-time high.
PEPE Chart Analysis
According to Santiment data, the selling pressure on the memecoin increased last week. Particularly, the circulating supply on exchanges sharply increased but then started to decline again. It was interesting to see whales accumulating while the market was under selling pressure, which was evident from the increase in top-tier addresses’ supply.
The likelihood of PEPE breaking above the resistance seems even weaker, and PEPE’s Relative Strength Index (RSI) experienced a decline at the time of writing, which could lead to further bearish trends. The MACD also showed that bears were in an advantageous position, and while the Chaikin Money Flow (CMF) was rising, this could favor the bulls.
According to Hyblock Capital data, if the decline continues, PEPE has a chance to rise from $0.000009 before falling to the aforementioned support level. However, if the bulls accelerate, investors might witness the memecoin price reclaiming $0.0000136 before testing the ATH level.
