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Amid the July correction in the crypto market, the Frog-themed memecoin Pepe witnessed a significant downfall from the $0.0000019-$0.0000188 resistance zone. In the last three weeks, the coin price lost nearly 37.6% and reached a low of $0.00000117. However, a keen look at the 4-hour time frame chart indicates the formation of a bullish reversal pattern called a falling wedge.
Pepecoin Price Daily Chart
- A bullish breakout from the wedge pattern could set the PEPE price for a 25.6% rally
- A bullish divergence in momentum rising reflects increased buying pressure and potential upswing.
- The 24-hour trading volume in the Pepecoin coin is $59.9 Million, indicating a 47.5 % loss.
Source- Tradingview
The four-time frame chart shows the falling Pepecoin price has started resonating between two converging trendlines. This pattern reflects the formation of ending diagonal patterns which usually signal the maturity of a downward trend.
In the last two weeks, the coin price has wobbled several times within the wedge pattern indicating the traders are strictly respecting this pattern. Currently, the PEPE price trades at $0.00000123 and will continue the downfall until the converging trend lines are intact.
However, the most common outcome of this pattern is a bullish breakout of the overhead trendline. This breakout may accelerate the buying pressure and kick start a new recovery in this memecoin.
The potential rally could surge the coin price to $0.00000132, followed by $0.00000145 or $0.00000154.
Is Pepecoin Price Still Under Correction Threat?
In technical analysis, the falling wedge pattern is typically considered a bullish signal, suggesting a significant upswing ahead. However, in certain exceptional cases, when the market sentiment showed aggressive supply pressure, the asset price may breach the pattern’s lower support trendline. Such a bearish breakout from a known bullish setup can be interpreted as a robust sell signal and contention of a downward trend.
- Bollinger Band: A downslope in the upper ceiling of the Bollinger Band indicator could offer additional resistance against buyers.
- Relative Strength Index: Contrary to the falling price action, the rising RSI slope indicates increased bullish momentum and a higher chance of upside breakout.
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