CandleFocus

Pepe coin price could be at risk as a dangerous pattern forms

Author: Content Editor
The price of Pepe Coin, the third-largest meme coin, has dropped to its lowest level since December 20 amid a larger downward trend in the cryptocurrency market. This decline has coincided with a drop in American equities and cryptocurrencies, as well as a surge in bond yields. The ongoing crypto crash is driven by rising fears that the Federal Reserve will maintain a hawkish tone and keep interest rates higher for longer due to positive economic performance and low unemployment. The next key catalyst for Pepe and other cryptocurrencies will be the release of the Consumer Price Index report, which could signal further downside if inflation rises. On a positive note, Pepe Coin's futures open interest has remained steady, indicating ongoing interest from traders. Technical analysis suggests that bears are gaining control, with Pepe forming a head-and-shoulders pattern and showing bearish divergence patterns in the Relative Strength Index and Percentage Price Oscillator. A break below the 50% Fibonacci retracement level could push the price toward the psychological support level.

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