In June, the new generation meme coin, PEPE Coin, shone and extinguished like a flash fire, which was widely known by crypto investors. This situation is not surprising for PEPE Coin, as we are accustomed to seeing such movements in bear markets. Fortunately, thanks to the vocal PEPE Coin community, we saw that it was listed on the Binance exchange before the flame went out. So, where will the price go now?
The PEPE Coin price entered a strong downtrend period after reaching its highest level on August 14th at $0.00000147. This downtrend resulted in a large price erosion of 56% in just one month. The best meme coin of June suddenly dropped to $0.00000064, and management conflicts played a significant role in this.
As you may recall from the breaking news we announced, several members of the management team dumped the tokens in the PEPE Coin treasury to exchanges as victims of greed, creating massive selling pressure. This situation also significantly damaged the project’s image. However, the current management team announced that they would strive to compensate for this disappointment.
There is an important detail that stands out in the PEPE Coin chart. After each significant drop in the four-hour chart, the price tends to enter a consolidation phase. These phases typically form within two converging trend lines, indicating the formation of a bearish flag pattern. Such formations typically occur within a dominant downtrend and can lead to a continuation of the downward movement when the support line is violated.
The consolidation phase in the PEPE price is found within a range that shows the significant resistance and support levels of the highest $0.00000071 and the lowest $0.00000064 of the candle on September 11th. Therefore, the continuation of the downtrend would not be surprising. In the event of a possible decline, the price may pull back to the $0.00000055 region by repeating past movements.
To invalidate the bearish scenario, convincing closes above $0.00000071 are needed. The overall market sentiment will also be decisive for the PEPE Coin price. As of writing, BTC continues to find buyers at $26,570.