🐸Pepe Coin has formed a descending triangle pattern on the daily timeframe. This is a bearish continuation pattern signaling that the price decline that started after the May 23 swing high of $0.0000163 could continue.
This bearish formation also shows that while the buyers of this top meme coin have been defending the key support price at $0.0000106, sellers are gradually gaining control as they push Pepe Coin price to lower highs. The surge in sell-side pressure is depicted by the volume histogram bars that have been predominantly red within the triangle formation.
If sellers outpace buyers, Pepe Coin could drop below the $0.0000106 support level. This will confirm the bearish outlook of the triangle pattern, and a 30% crash to $0.0000750 could commence. This crash is equal to the height of the descending triangle.
The RSI and the MACD indicators also confirm this bearish outlook. The RSI has dropped to 44 while the MACD line has dropped to the negative side as histogram bars turn red, indicating that the momentum is bearish. This increases the possibility of Pepe Coin price dropping by 30% in the near term.#INDIANstock