Pepe (PEPE) Faces Strong Correction, But Eyes Remain on 1,200% Breakout Potential
- PEPE has dropped from above $0.00000090 to near $0.00000082, forming lower highs and lower lows.
- RSI and MACD remain bearish, showing weak buyer momentum and ongoing selling pressure.
- Price is testing the lower Bollinger Band, suggesting oversold conditions and a possible short-term bounce.
- A long-term broadening wedge pattern hints at a potential 1,200% rally if market conditions improve.
PEPE has experienced a notable downtrend, with consistent bearish pressure driving the price from above $0.00000090 to near $0.00000082. The chart shows a series of lower highs and lower lows, indicating sustained selling momentum.
Despite brief moments of bullish attempts, sellers quickly regained control, pushing the price further down. However, recent candles suggest some stabilization, with the price attempting to consolidate around the $0.000000825 level, hinting at a potential pause or reversal if buyers gain traction.
Pepe (PEPE) Slips Lower as Bearish Momentum Builds
Technical indicators paint a cautious picture. The Relative Strength Index (RSI) is hovering in bearish territory, with readings around 37.12 and 39.20, indicating weak buying strength and continued pressure from the bears. Similarly, the Moving Average Convergence Divergence (MACD) shows a clear bearish bias. Both the MACD line and signal line remain negative and pointed downward, reinforcing the short-term downtrend.
The price is also testing the lower Bollinger Band, a sign that PEPE may be nearing oversold conditions. This opens the door to a potential bounce if market sentiment shifts or if broader crypto momentum improves.
PEPE Chart Pattern Hints at 1,200% Rally
Still, amid these headwinds, the long-term outlook is drawing attention. A prominent chart pattern, the Logarithmic Broadening Wedge, has surfaced, and it carries a bold forecast. This structure, often associated with explosive moves during bull cycles, points to a potential 1,200% gain for PEPE if the market enters a full-fledged rally.
A staggering $0.000080, nearly 10x from current levels. While this forecast remains speculative and highly dependent on market-wide recovery, it has reignited optimism among PEPE supporters who believe the meme coin could be poised for another historic breakout when conditions align.
For now, all eyes remain on the critical support zone near $0.00000080. A strong hold or bounce from this level could spark renewed interest, while further weakness might delay any bullish breakout.
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Text source: TronWeekly
