• Pepecoin, a meme token, has formed a bullish technical pattern called the ‘Falling Wedge’ with an over 88% price target.
• Bitcoin dominance is rising which suggests altcoins are performing worse than BTC prices and could spark a sell off that PEPE may not be able to withstand.
• The immediate support level for PEPE is near $0.0000008612, if this fails it could drop to its support level near $0.00000074.
Pepecoin Formed Bullish Technical Pattern
PATNA (CoinChapter.com) — Meme token Pepecoin, which led April’s memecoin frenzy, has formed a bullish technical pattern called the ‘Falling Wedge.‘ The technical pattern forms when the price fluctuates inside a pair of falling trendlines that would converge down the slope. The outcome of such downside patterns is typically a price breakout to the upside. One key feature of the pattern is that volumes usually decline as the trendlines converge. PEPE price formed a bullish technical pattern with an over 88% price target.
Bitcoin Dominance Rising
Increasing Bitcoin dominance could spell doom for PEPE prices as it measures the ratio of BTC market cap against total crypto market cap and suggests altcoins perform worse than BTC prices sparking a sell-off that PEPE might not survive from. The divergence between Bitcoin dominance ratio going up and BTC price going down usually serves as a sell signal which means PEPE might invalidate its current wedge pattern and drop further in value.
Immediate Support Level For Pepecoin
Zooming in on four-hour (4H) charts shows PEPE struggling to hold on to its immediate support level near $0.0000008612 if this fails then it could drop further down to its support level near $0.00000074 according to RSI readings on Tradingview.com .
Down 81% From ATH
Despite forming such bullish patterns Pepecoin remain down 81% from its May 5 all time high (ATH) of 0.0000045 even if it reaches its upside target of 0 0 00000175 it will still be 61% lower than ATH levels so traders should take caution while investing in this coin as there is risk involved even though there is potential reward too from these types of volatile assets .
In conclusion meme tokens like Pepecoin can provide great rewards but also great risks due to their highly volatile nature so traders should always do their own research before investing in such coins and keep track of bitcoin dominance levels as they tend to lead market sentiment for altcoins like Pepecoin .