PEPE Price Hints At A Possible Downtrend! $0.00001 Imminent Following Halving?

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Written By Pinang Driod

The memecoin industry continues to display a reduced price action in the chart as the volatility in the market is on the path to reaching its peak. With Bitcoin Halving in the coming days, will the top altcoins experience a breakout rally post-halving, igniting a memecoin rally-like situation in Q2?

After displaying a neutral trend by trading in a closed range between $0.00000080 and $0.00000200 for a brief period, the bulls gained momentum and the PEPE price recorded a jump of 521.39% in valuation before facing rejection above the support level of $0.00000590.

TradingView: PEPE/USDT

After trading sideways for a short period, the bulls regained momentum and jumped 42.45%, after which the price faced rejection at the resistance level of $0.000010. Following this, the bulls lost momentum and broke down the support level. Since then, the Pepe coin price has been trading in a closed range between $0.00000590 and $0.00000785.

The technical indicator, MACD, displays a constant red histogram, highlighting weak buying and selling pressure in the crypto industry. Moreover, the averages show a significant correction in the chart, suggesting a bearish price action for the PEPE memecoin this week.

Will PEPE Price Rise Back Up?

If the market pushes the price above the resistance level of $0.00000785, the bulls will continue to gain momentum and test its upper resistance level of $0.00001 during the upcoming week. Maintaining the price at that level will set the stage for Pepe memecoin to attempt to test its upper resistance level of $0.000012 in the coming time.

Conversely, if the bulls fail to regain momentum, the PEPE token will fall to test its support level of $0.00000590. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.0000040 this month.

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