“PEPE Price: How the Descending Channel Pattern Could Trigger a 38% Increase”

PEPE price is witnessing the negative impact of the ongoing uncertainty in the market as it continues to decline. However, this drop is moving in a fixed range between two downward slope trend lines which indicates the formation of a bearish channel pattern. Here is how this pattern could affect the future of Pepecoin and how interested traders can take advantage of it.

For more than a week, Pepecoin price has shown a steady decline under the influence of the descending channel pattern. From a peak of 0.00000209, the coin’s price has fallen by 28% to the current price of $0.00000151.

Theoretically, the descending channel pattern is known as a bullish continuation pattern that intensifies the underlying buying momentum once the price breaks through the resistance trend line. Therefore, falling Pepe price is likely to give an upward breakout from the upper trend line.

The 4 hour candle that closes above the trend line could provide an entry opportunity for interested buyers and push the price 38% higher to the recent swing at $0.00000209.

On the contrary, in order for the pattern to remain intact, Pepe price may continue its downward rally.

Technical Indicators Moving Average Convergence Divergence Indicator: Flat MACD line (blue) and signal lines (orange) with several crossovers indicate an indecisive sentiment in the market.

Exponential Moving Average: The 20 EMA acts as a dynamic resistance against the price rally.

Crypto Horizon

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