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 past 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 is forming a 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 by 25 percent, returning it to its recent volatility peak of $0.00000146.
Important levels to watch
Pepe Coin is trading at $0.00000112 and it recently declined below the 38.2 percent 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.
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