Despite the uncertainty in the market, Pepe Coin has made a remarkable comeback after facing a key hurdle at the resistance level of $0.00000145. Over the past two weeks, this resistance has caused Memecoin’s market cap to drop by 22 percent, bringing its current trading price to $0.00000114. However, analysis on the 4-hour time frame chart showed that this decline is part of a formation known as a “descending wedge.”
Will PEPE price increases continue?
Currently PEPE, descending wedge formation, which generally indicates that the uptrend is likely to continue. This pattern could lead to further correction in prices before a decisive uptrend occurs.
A successful breakout from the formation could significantly increase the buying pressure and potentially push the price of Pepe coin up to 25 percent, returning it to its recent volatility peak of $0.00000146.
critical level to watch
Pepe Coin is trading at $0.00000112 and it recently fell below the 38.2% Fibonacci retracement level. If the correction continues, the coin price may 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 gives a good chance for the upward trend to continue. However, a fall below this level would indicate that the bullish momentum is weakening.