Pepe’s price hasn’t bounced back after dropping from its bullish range, indicating increasing bearish pressure on the token. It is currently at a key level that could serve as a strong support for a rebound. However, if it doesn’t hold, there could be a 30% decline ahead.
The crypto markets have been crashing since the start of the day, and memecoins have also lost their momentum. Popular memecoins are seeing large declines of over 10%. Pepe’s price is particularly struggling, failing to recover after a sharp drop. This raises the question: is Pepe in a deep bearish trend, or is it just waiting for the right moment to bounce back?
Mt. Gox Fallout Impacts Crypto Market and Pepe
Since the Mt. Gox incident shook the crypto markets, popular tokens have been hit hard by bearish pressure. Bitcoin’s drop below $54,000 has rattled the entire market, including memecoins like PEPE. The token has seen a 30% pullback since the beginning of the month, struggling to maintain support within its bullish pattern. This situation has triggered bearish targets, potentially pushing the price down an additional 15% to 20%.
Having tested lows below $0.000008 multiple times this month, the key question is whether Pepe’s price will rebound or continue to test new lows.
PEPE Price Analysis: Current Bearish Trends and Future Outlook
Before the bearish trend hit the markets, PEPE traded smoothly within an ascending parallel channel. After losing support, the token is now caught between two critical zones. Movement toward either zone could signal the next price action. The selling pressure on PEPE continues to grow, as shown by the weakening MACD. As a result, the price is expected to drop to the lower support around $0.0000065, which might trigger a rebound similar to past instances.
Currently, market sentiment has turned pessimistic, leading to expectations that PEPE’s price will remain stagnant for a while. While a strong rebound into the parallel channel seems unlikely, the token is expected to maintain above the key support zone. This could sustain hopes for a bullish trend in the near future.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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