PEPE Price Falls 20% Over the Week — Potential Next Moves for the Memecoin
PEPE price takes another downturn but now sits at descending support. The interaction result will indicate the next trend.
Key Takeaways
- PEPE consolidates within a descending triangle.
- The breakout direction will determine the dominant trend.
- Key support at $0.0000080 hints at a trend reversal.
PEPE has experienced substantial price swings, surging to $0.000017 by May before entering a downtrend.
With recent support tests and a consolidating triangle pattern, the next breakout direction will determine PEPE’s primary trend. Here’s what to watch.
PEPE Price Analysis
PEPE extended its uptrend in April, reaching $0.0000046 before surging to $0.000017 by May 27, marking a notable 275% gain. After hitting this peak, the price entered a downtrend.
On Aug. 5, PEPE briefly spiked to $0.0000058 before closing at $0.0000072, showing renewed buying interest. The downtrend continued, reaching a low of $0.0000065 on Sept. 6, but bearish momentum stalled.
A breakout above the descending triangle’s resistance sent PEPE to $0.0000117 on Sept. 29—an 85% increase from its recent low.
The completed WXY correction from May suggests the potential for a bullish phase pending further confirmation. Since September’s high, a descending triangle has formed, indicating consolidation after PEPE’s initial rise.
Today, the price found itself at the descending triangle’s support, and the interaction result will provide further insight into the next dominant trend.
PEPE Price Prediction
The hourly chart shows that since Sept. 6, PEPE has formed three sub-waves to the upside, currently labeled as an ABC.
The Sept. 28 high may signal the end of the third wave. The price immediately made a downturn, falling to the $0.0000085 area on Oct. 3.
Its following uptrend ended at a lower high, and now PEPE is at a lower low of $0.0000080 at the descending support. This could be the C wave from the ABC correction since the September high.
Although it landed on the 0.618 Fibonacci level, the previous increase didn’t form a five-wave pattern, which would have suggested the starting bull phase.
This is why we expect more sideways movement for another lower high and a lower low inside the descending triangle.
Either way, the breakout direction will indicate the next dominant trend as the price of PEPE is at the crossroads between a bullish and a bearish outlook.
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