The cryptocurrency market shows signs of pressure, particularly Ethereum and memecoins like Pepe. Ethereum is declining, affecting other tokens.
Ethereum's Dynamics
Today, Ethereum (ETH) dropped by 4%, falling to $4,250 from a recent high of $4,780. This decline creates pressure on the market and impacts the prices of memecoins, including Pepe.
Testing Key Support for Pepe
Pepe (PEPE) has fallen over 5% today and 10% this week, reaching a critical support zone. On the daily chart, PEPE appears to be consolidating within a symmetrical triangle, a pattern that may foreshadow a strong breakout. The latest price drop has driven it toward the triangle's lower boundary near $0.00001060.
Pepe's Outlook in the Near Future
If buyers can hold the $0.00001060 level, a rebound towards the 50-day moving average at $0.00001157 may provide early confirmation of the validity of the Bat pattern. A breakout above that level would open the door for a retest of the upper resistance trendline. However, if the price breaks below the triangle's lower support, this may accelerate downward momentum.
The current situation in the cryptocurrency market indicates uncertainty, especially for Ethereum and Pepe, highlighting important support levels and potential future price movements.
