Price Analysis

Rare Pepe Coin Price Pattern Hints 35% Crash

Pepe coin price is subdued after falling by over 35% from its highest level this month and a bearish flag pattern points to more downside
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Rare Pepe Coin Price Pattern Hints 35% Crash

Highlights

  • Pepe coin price has formed the rare bearish flag chart pattern on the daily chart.
  • This pattern formed after the coin crashed by over 36% from its all-time high.
  • Technicals point to a potential 35% crash from Monday’s levels.

Pepe coin price has experienced a sharp crash, undoing most of the gains made earlier this month when it surged to a record high. While the price has stabilized in the past few days, a rare chart pattern on the daily chart points to a potential 35% crash. Pepe’s open interest in the futures market also points to more downside in the near term.

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Pepe Coin Price Bearish Flag Points To More Downside

The Pepe Coin price is grappling with substantial bearishness, and it has crashed below the 50-day Exponential Moving Average (EMA) on the daily chart. This crash happened after the coin formed a doji candlestick chart pattern on December 9 when it hit a record high. A doji is a reversal candle made up of a small body and long upper and lower shadow,

Pepe price is now slowly forming a bearish flag chart pattern, a common continuation sign. This pattern has a long vertical line that resembles a flag pole. A small rectangle-like consolidation follows it, often resulting in a strong bearish breakout. If this happens, the coin will likely drop to $0.00001437, its lowest level last week. 

The Pepe Coin price will then drop to the following key support level: $0.00001190, its highest on September 29, about 35% below the current level. The risk of further downside is that the coin formed a double-top chart pattern at $0.00002563 and a few false breakouts, which pushed it to a record high.

Conversely, a move above the resistance at $0.000020, its highest level on December 21 and slightly higher than the 50-day moving average, will cancel the bearish flag pattern and lead to more gains, potentially to the double-top pattern at $0.00002563.

Pepe Coin Price
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Pepe Futures Open Interest Has Crashed

One factor that could emphasize the bearish Pepe coin price forecast is that futures open interest has crashed hard in the past few days. This interest peaked at $359 million earlier this month when the coin peaked at an all-time high. 

Pepe’s interest has now dropped to over $123 million, its lowest level since November 4. Futures interest is a crucial data that looks at unfilled orders. In some instances, a sharp crash in these orders can be a sign of waning demand. However, in other cases, a low interest can lead to more gains, as we saw on November 5 when it dropped to $108 million. 

Pepe Open Interest

Pepe price sell-off will likely accelerate if Bitcoin price continues its recent sell-off. Historically, most altcoins have followed the price of Bitcoin, as we experienced last week when most of them plunged as BTC retreated below $100,000.

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Frequently Asked Questions

Why is Pepe Coin price falling?

Pepe coin has moved into a deep bear market because of the ongoing crash of Bitcoin amid a risk-off sentiment. The hawkish Federal Reserve interest decision and profit-taking helped to trigger this sell-off.

Which bearish pattern is the Pepe price forming?

Pepe has formed a bearish flag chart pattern on the daily chart, pointing to further downside in the near term. This pattern has a long vertical line and some consolidation.

Can the Pepe coin rebound?

Yes, the Pepe token may rebound, especially if Bitcoin rises and moves back above the resistance level at $100.
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crispus

Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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