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PEPE may fall 22% soon unless this important signal reverses.
The strong red candle of the memecoin PEPE (PEPE) has activated a classic bearish reversal pattern and traders are currently preparing for a sell-off scenario.
PEPE is struggling near the breakdown
The crypto market in general is moving sideways or falling. Therefore, this popular memecoin is also following the trend and has decreased by more than 5.8% in the past 24 hours, sliding close to the neckline level of about 0.000012 dollars.
During the same period, the trading volume increased by 4.5%, indicating a rise in participation, which could be for risk hedging or buying the dip.
On the daily chart, this memecoin seems to have broken the head and shoulders pattern. At the time of writing, it is retesting the neckline area near the $0.0000122 level.
If PEPE cannot reclaim this area, the possibility of falling another 22% to $0.000009 is still very high.
However, this falling structure will be invalidated if the daily closing price is above $0.000013, confirming the strength of the buyers and turning the resistance zone into support.
At the time of writing, the Chaikin Money Flow (CMF) stands at 0.02, indicating slight accumulation activity but not enough to support a bullish reversal.
What do experts say about memecoin PEPE?
Crypto analyst VegetaCrypto1 shared that PEPE "may fall deeply ( or test the bottom ) tomorrow or the day after" before recovering — implying a fakeout scenario and a setup for a bounce back.
Recent investor activity has further increased this negative outlook.
According to CoinGlass, exchanges have recorded a net inflow of PEPE amounting to $1.92 million in the past 24 hours, indicating that holders are preparing to sell.
Overall, the inflow of funds along with these leveraged bets indicates that traders and investors expect prices to continue to fall in the short term.
Minh Anh