The cryptocurrency market faces intense selling pressure, and the memecoin Pepe is no exception. This article examines recent price fluctuations and signs of recovery.
Overview of Current Market Conditions
The cryptocurrency market is going through tough times, with Ethereum (ETH) recording its worst first quarter since 2018, dropping over 45%. Memecoins, including Pepe (PEPE), have also experienced significant losses, declining by 61% this year.
Harmonic Pattern and Recovery Outlook
A classic harmonic pattern has emerged on the PEPE chart, signaling a potential upward movement. A bearish Gartley pattern is forming, which typically indicates a strong bullish impulse before a potential reversal. PEPE's decline began on February 14 after it failed to hold the $0.00001075 resistance level and has lost almost 50% of its value, hitting a low of $0.0000052 on March 10.
Future of Pepe: Expectations and Cautions
If bullish momentum persists, PEPE could rise to the 0.00000958 level in the coming days. This level completes the harmonic pattern and aligns with a key resistance area. However, traders should be cautious as bearish reactions often occur after reaching point D. In the short term, the 0.00000737 area acts as a minor support level.
Currently, despite significant declines, PEPE is showing some signs of recovery, which may indicate positive changes in the market.
