Despite the uncertainty in the market, Pepe Coin has made a remarkable comeback, facing a significant hurdle at the $0.00000145 resistance level. Over the last two weeks, this resistance has caused a 22 percent decline in memecoin’s market cap, bringing its current trading price to $0.00000114. However, analysis on the 4-hour time frame chart showed that this decline is part of the formation known as the “Descending Wedge”.
Will the PEPE price increase continue?
Currently PEPE, Descending Wedge formation, which generally indicates that the uptrend is likely to continue. This pattern could cause the price to undergo further correction before experiencing a decisive upside breakout.
A successful breakout from the formation could significantly increase buying pressure and potentially push the Pepe coin price up 25 percent, returning it to its recent volatility peak at $0.00000146.
Important levels to watch
Pepe Coin is trading at $0.00000112 and it recently declined below the 38.2% Fibonacci retracement level. If the correction continues, the coin price could drop to the next support zone at $0.000001, which coincides with the 50 percent Fibonacci level. Staying above this level maintains bullish sentiment and offers a good chance for the continuation of the upward trend. However, falling below this level indicates that the bull momentum is weakening.
