NOIDA (CoinChapter.com) — Pepe, the memecoin project that chose a frog rather than a dog as its mascot, is giving mixed signals to traders. Mind you, its price has rocketed almost 300% in March to a new record high of $0.00001.
However, PEPE’s price failed to consolidate near the ATH, dropping below the $0.00001 mark. When a token has so many zeros after the decimal in its price tag, removing one zero marks the breaking of key psychological resistance.
A crypto trader has highlighted a PEPE price fractal that might help the memecoin post more gains in the coming days. At the same time, the token is moving inside a bearish technical pattern.
PEPE Price Bull Run: To Be Or Not To Be
Crypto trader Posty shared a *he he* post on X highlighting a fractal in Pepecoin’s 2-hour chart.
The fractal was last formed around March 1, and the PEPE price then rallied nearly 140% to reach $0.0000086 before correcting. Posty noted that the memecoin broke out of a similar fractal around March 13, resulting in the token charting a new ATH on March 14.
However, since reaching the new ATH, the PEPE price has corrected and formed another similar fractal. The selling pressure near $0.000011 remains higher than what the bulls can handle, which could be a reason for PEPE’s price reversal.
Yet, zooming out on the Pepecoin charts paints another picture, a bit bearish one.
PEPE price has formed a bearish technical pattern called the ‘Rising Wedge.’
The pattern forms when an asset’s price consolidates between upward-sloping support and converging resistance lines resembling a wedge. Declining trading volumes often accompany a breakdown below the pattern.
The price target of the pattern is equal to the height of the back of the wedge. If the Pepecoin token price breaks below the bearish pattern, the token might fall to the theoretical price target near $0.0000047, a drop of over 97% from current levels.
Bullish Exhaustion Vibes
After charting an ATH near $0.00001, the PEPE price fell below the level as profit booking forced the bulls out of the market. The sell-off continued on March 15, with the PEPE price dropping 13% to reach a daily low near $0.00000901 before marking a slight recovery.
Should Posty’s prediction become true, the resulting rally might see Pepe crypto price reach the resistance near $0.000012 before targeting the 0.786 FIB resistance near $0.000015.
On the other hand, confirmation of the technical pattern could throw the PEPE price down to the 0.382 Fibonacci support near $0.0000077. Breaching the immediate support might see Pepecoin price testing the support near $0.0000052, close to the pattern’s theoretical price target.
Meanwhile, the relative strength index (RSI) for PEPE remains overbought, clocking at 72.09 on the daily charts. The RSI is a momentum indicator for measuring asset price movements to identify overbought or oversold conditions.
