While PEPE faces significant struggles in the current market, key technical indicators suggest that a reversal could be imminent.
, the popular crypto memecoin, has experienced a price decline of over 45%, and appeared to be struggling at press time.According to AMBCrypto’s technical analysis, PEPE has been in a continuous price decline over the past few weeks, and has formed a bullish falling wedge pattern on its daily time frame.The memecoin was at the lower boundary of this pattern, where it has historically shown an impressive reversal.
If PEPE holds this lower boundary of the falling wedge, there is a strong possibility that it could soar by 30% to reach the $0.000019 level in the coming days.However, the current level is supported not only by the lower boundary of the pattern but also by the 200 Exponential Moving Average on the daily time frame, which strengthens its ability to hold this level.
Data from spot inflow/outflow revealed that exchanges have recorded an outflow of PEPE worth $161.36 million over the past six days.This continuous outflow from exchanges indicated that investors and long-term holders were withdrawing assets, which could lead to a price increase and further amplify buying pressure.
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