Analyst Says PEPE Bearish Continuation Is Possible For A 50% Price Crash

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As a seasoned researcher with years of experience analyzing cryptocurrency markets, I have seen my fair share of bull and bear runs. The recent PEPE price action has caught my attention, and I must say it looks troubling at the moment.

As a crypto investor, I’m concerned about the current state of PEPE. After its initial surge, it seems to have lost its upward momentum, which has unfortunately reignited the bearish trend. If bulls can’t manage to push the price back up, this downward movement might persist. In such a scenario, where bears maintain control, the PEPE price could potentially plummet further. Analyst Alan Santana predicts that if this happens, the PEPE price may revert to levels last seen around early 2024.

PEPE At Risk Of Further Decline

crypto expert Alan Santana issued a cautionary statement on TradingView, alerting potential investors about a potential drop in the price of PEPE token. This prediction stems from the fact that the meme coin has recently retraced its gains from earlier this week, and is now showing some bearish indicators.

One key warning sign in the crypto analysis is the increase in sell volume, as observed by the analyst on the PEPE chart. He notes a surge in bearish volume along with a drop below the Moving Average 200 (MA200), which coincides with the correction that the meme coin has experienced, causing it to fall back under the $0.000009 mark.

Santana points out that the decline in PEPE‘s price has only occurred at the 0.618 Fibonacci retracement point thus far. The 0.786 Fibonacci level is still a possibility, but it comes with some risk. It’s plausible that the PEPE price might fall further to reach this level. However, the crypto expert predicts that such a drop won’t disrupt its overall bullish pattern for the long term.

Should this level fail, it might lead to significant trouble for the meme coin. As cryptocurrency experts point out, such an event would be quite extraordinary and potentially cause a massive drop, possibly pushing it towards fresh monthly lows. Additionally, there’s a high likelihood of a bearish trend unfolding in this scenario.

Targets For The Crash

If the PEPE cryptocurrency’s price hits the 0.786 Fibonacci retracement level and falls beneath it, a prominent crypto analyst predicts a significant drop in value. However, there are two possible support points to consider based on the strength of the bullish market’s resistance.

Initially, the crypto analyst predicts that the price of PEPE might reach approximately $0.00007 on the first resistance level. This prediction represents a decrease of over 25% from the current value. If this resistance isn’t sustained, the analyst anticipates the PEPE price to fall towards the next potential support level, which is slightly above $0.000004.

As a crypto investor, I’m keeping my eyes on the PEPE token. If the second scenario unfolds, it might lead to a significant drop of more than 50% from its current price level. But if the price manages to maintain its position, there’s potential for it to surge past $0.00001 once again.

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2024-10-04 20:10