PEPE is getting more attention as it is at a crucial point of its price trend. The Crypto Titan explained his viewpoints on X post, stating that PEPE has a high chance of breaking out to the upside after finding support at the bottom of a symmetrical triangle on the daily timeframe. In his view, if coin is able to escape this range, it may indicate the beginning of a major price increase, including a new ATH.
At the moment, PEPE’s price is gradually approaching this critical level, and the traders are already awaiting a breakthrough. The analyst noted that the breakthrough of the symmetrical triangle may become a critical point, which would lead PEPE to a strong increase.
However, the recent price movements have been not very consistent. Following the rate of token and after trying to penetrate the resistance at the 200-day Exponential Moving Average (EMA) on Saturday, the price of the token dropped by 3.6% on Sunday. At the beginning of this week, the price has been decreasing by 1% which indicates that the price may continue its bearish path.
PEPE’s Bearish Signs and Reversal Potential
Following are some technical aspects that support this bearish view. The RSI on the daily chart is still slightly above the 50-neutral level, and the AO is still negative, below the 0 level. For the bearish trend to continue, the RSI and AO must move lower than the midpoint of the oscillators’ ranges, which makes them bearish.
However, there is still a possibility of a bullish reversal although the above mentioned signals are bearish. If the daily candlestick closes above $0.0000098 then memecoin is considered to have broken out. From level, it could cause a 5% bounce and challenge the 61.8 Fibonacci retracement level at $0.000010. Such action would change the market outlook and the current bearish market may turn into a bullish one.
As reported by Coinglass, in the course of the last 30 days, PEPE’s long-to-short ratio was 0.885 on Monday, which means that more traders are opening put options than call options, predicting a drop in the price. From this figure, it is clear that the market is bearish with the traders anticipating further price drop.
While PEPE is still under lots of bearish pressure, a break out possibility is still in the picture. Retail and institutional investors and traders would be keen on the price movements of PEPE in the coming days given the proximity of the token to certain levels that may signal further direction.
