Key Insights:
- PEPE coin price has formed a textbook-style head and shoulder pattern, flashing a bearish signal.
- $4.41 million worth of PEPE outflow from the exchanges hints at potential accumulation.
- A quick rally for PEPE could begin only if it closes a daily candle above $0.00001510. If this happens, the meme coin could see a 40% price uptick.
With a 7% downside move, the PEPE coin price has formed a bearish price action pattern. Also, it is on the verge of a potential crash. Following a continuous price uptick over the past three weeks, the meme coin has registered a notable 60% gain.
However, potential profit booking by investors and long-term holders is raising concerns. The price has been slipping over the past week and is currently at a key level.
PEPE Coin Price and Expert Commentaries
PEPE coin price was trading at a key support level of $0.00001196 at press time. It has slipped over 6.5% in the past 24 hours.
This price decline and bearish price action suggest that investor and trader sentiment may shift to the bearish side. According to CoinMarketCap, PEPE’s trading volume has surged by 55% over the past 24 hours.
Given PEPE’s current market sentiment and bearish structure, millionaire trader James Wynn shared a post on X. He stated that market makers are trying to suppress the PEPE coin price. He noted, “Time to buy PEPE — when they let it go, it will erupt.”
However, several other crypto experts and analysts have expressed strong interest and confidence in the meme coin. While some are making bold predictions, others remain bearish.
In a post on X, a crypto expert shared that PEPE has formed a bullish cup and handle pattern. However, in reality, the pattern is yet to be completed. Also, the PEPE coin price needs to rise by 21% to form it fully.
Experts noted that a breakout above the $0.000015 level could target $0.000033. While the post is gaining massive attention, the meme coin formed a bearish pattern before this bullish setup. It is on the verge of crashing.
PEPE Coin Price Action and Technical Analysis
The technical analysis of the PEPE coin reveals that it has formed a bearish pattern in the head and shoulders. It is currently hovering near the neckline at $0.00001180.
In addition to this horizontal support level, the PEPE coin price also supports the 50-day EMA on the daily timeframe.
A bearish trend would only be confirmed if PEPE drops below the neckline and the 50 EMA. It must also close a daily candle under the $0.00001160 level for further downside momentum.
The meme coin could experience a 22% downside move if that happens. It could drop to its next support at $0.000009. However, a price reversal may occur if the PEPE coin price holds above the neckline and the 50 EMA.
PEPE’s Chaikin Money Flow (CMF) stands at 0.02 at press. This indicated slight buying pressure in the market, as more capital appears to be flowing into the asset than out of it.
$4.41 Million Worth of PEPE Outflow
Amid this bearish outlook, investors and long-term holders are taking advantage of the price drop by accumulating PEPE. It was reported by the on-chain analytics platform Coinglass.
Exchanges have seen a $4.41 million outflow of PEPE in the past 24 hours. This suggests investors pull their tokens off platforms, possibly for long-term holding. This notable outflow strongly recommends that investors and long-term holders actively buy PEPE.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
The post PEPE Coin Price Could Crash 22% If This Key Level Breaks appeared first on The Market Periodical.
