PEPE Price Breaks Ascending Triangle, Could Face 20% Crash
The price of PEPE has turned bearish after breaking out of an Ascending Triangle pattern. A crypto analyst warns of a potential 20% price drop if it cannot maintain levels above a critical resistance.
Bears Threaten 20% Crash in PEPE Price
- PEPE's price action shifted from bullish to bearish, highlighted by a negative Change of Character (CHoCH).
- A key resistance level is identified at $0.000008; failure to surpass this may lead to a 20% decline.
- Initial support is at $0.0000065, with further support at $0.0000055 if bearish momentum continues.
- The $0.000008 resistance coincides with the 200 Exponential Moving Average (EMA) and a Fair Value Gap (FVG), strengthening the bearish outlook.
- This level also intersects with a Fibonacci Golden Zone, indicating potential for a price reversal.
Potential Breakout Scenario
- If PEPE closes above the $0.000008 resistance, the bearish thesis may be invalidated.
- A successful breakout could target prices around $0.0000085 and higher, contingent on strong volume and momentum.
- Current trading price stands at $0.00000698, making bullish prospects less likely given the current downward trend.
