- PEPE remains within a strong downtrend, producing lower highs and lower lows since late September.
- In the short/medium term, it seems that any pullbacks are merely corrections, as the upside strength remains weak.
- In the long term, the targets remain ambitious at $0.000043 (10x) and $0.000065 (15x).
PEPE/USD has been under constant selling pressure since late September and has formed a definite pattern of lower highs and lower lows. A steep fall in the first week of October was the important pivot point that pushed the token deep within the previously formed consolidation range.
After that, PEPE has struggled to break above key levels of resistance, which proves that sellers are stronger in this market. Data on Kraken’s 2-day chart, inspected through TradingView, reveals that declining momentum is strengthened by both market trends and price action, which confirms that the current state is ideal for a defense strategy.
The Ichimoku Cloud supports a bearish outlook. Prices are below the cloud, indicating a bearish outlook for the future. The key lines, Tenkan-sen and Kijun-sen, are positioned above the price, with a bearish slant, indicating that even short- and medium-term capital is behind bearish pressure. A short-term return to key lines is only a correction and not a possible start of a trend change.
Pullback Metrics Highlight Weak Rebound Strength
Also, the momentum readings indicate that the traders should not have any hopes of an immediate reversal. The MACD is still below the zero line, with the bars of the histogram leveling out around the neutral area. All the trend and pullback factors are indicating weakness in the pattern.
The pullback factor is at an all-time high, and the run-up measures remain close to zero. Analysis pointed out that the absence of definitive buying volumes and the absence of a crossover signal on the MACD graph may see the rallies in PEPE rejected and move sideways, and even decline.
Long-Term PEPE Targets Remain Ambitious but Conditional
Despite the weak market, it is clear that PEPE’s predictions indicate future growth. A conservative price increase of approximately 10x to $0.000043 or an ambitious plan to reach $0.000065, which suggests a 15x increase, has been forecasted.
To achieve that, PEPE would have to re-capture major moving averages and penetrate above the resistance of the Ichimoku Cloud. Until then, the overall market trend remains negative, with higher risks of decline than of improvement.
Also Read: PEPE Price Struggles Near Resistance, Breakout Could Ignite $0.0000090
