The frog-themed meme coin, PEPE, has been trading in a falling wedge pattern since May 27, currently at $0.0000077, reflecting a 52% drop during this period.
PEPE’s price could see further declines as it is poised to break below the lower line of its wedge, suggesting a continued downtrend.
Despite the normally bullish expectation of a wedge pattern, PEPE has been on a downtrend since August 25, having dropped by 15%.
Breaking below the wedge's lower trendline could invalidate bullish projections, continuing the downward trend.
PEPE’s technical setup indicates a bearish sentiment, as it trades below key moving averages (20-day EMA and 50-day SMA), suggesting extended selling pressure.
The meme coin's RSI is also below its neutral line, indicating low buying activity and further bearish momentum.
Current negative weighted sentiment (-0.76) highlights predominant negative discussions, likely leading to continued price declines.
If bulls fail to defend the lower wedge line, PEPE’s price may drop to its August 5 low of $0.0000059, marking a potential 28% decrease.
Conversely, a trend reversal could see PEPE’s price rise back to $0.0000086.
