The crypto markets are again consolidating as the bears are trying hard to reclaim their dominance, which has shaken in the past few days. Ever since Bitcoin’s price attempted to hit $70,000, market participants have been pretty bullish on the upcoming price action. Besides, the altcoins are also displaying huge potential to maintain a healthy upswing, with the majority of the tokens within the top 10 thriving hard. However, the memecoins, specifically the Pepe price, are experiencing extreme upward pressure while the bulls are trying to find a strong base to trigger a healthy rebound.
The PEPE price is ranging within a narrow range from the past fortnight as the bulls are failing to sustain above $0.000012. After holding the zone for a while, the price began to descend, and it was expected that the memecoin would drop below $0.00001. The bulls managed to prevent excessive loss and after plunging slightly below $0.000012, the token appears to be ready for the next price action.
The PEPE price has been trading within an expanding megaphone as the resistance and support are diverting apart. The price has been consistently hitting these levels and after rebounding from the lower support, the token failed to rise high and test the resistance, following an ABC wave. Instead, the bears restricted the rally to below $0.000013 which has raised the speculation of plunging below $0.00001 in the coming days.
The DMI or directional movement indicator, helps to determine the direction of the token and continues to remain neutral while the ADX is heading towards the lower support. Besides, the Bollinger bands are contracting while the volume is plunging, which suggests the price is expected to consolidate below the crucial resistance zone. Hence, the PEPE price is believed to maintain a horizontal consolidation for a while and after hitting the ascending trend line, the bulls could trigger a strong ascending trend and achieve $0.000015 in the coming days.
