Pepe price could be on the cusp of a major bearish breakout in the coming days after forming a descending triangle pattern on the daily timeframe. It was trading at $0.000009173 on Sunday, down by 46% from its highest point in May this year.
Pepe Price Could Crash Soon
The daily timeframe chart shows that the Pepe Coin price has crashed in the past few weeks as whales dumped. It crashed from a high of $0.00001665 in May to the current $0.000009173. This crash happened as any attempts to rebound faced substantial resistance.
Pepe price has remained below the 50-day Exponential Moving Average (EMA). It has settled at the ultimate support level of the Murrey Math Lines tool.
At the same time, top oscillators like the Relative Strength Index (RSI) and the Klinger Oscillator have all pointed downwards. The Average Directional Index (ADX) has pointed upwards, a sign that the bullish momentum is accelerating.
Most importantly, the coin has formed a descending triangle pattern. This pattern is made up of a horizontal support and a descending trendline.
Therefore, the Pepe Coin price will likely have a strong bearish breakdown, with the next important level to watch being the year-to-date low of $0.000005288. This price target is about 43% below the current level.
On the other hand, a move above the important resistance at $0.00001192 will invalidate the bearish Pepe price forecast.
As Pepe Crashes, Traders Turn to Pudgy Pandas
Meanwhile, there are signs that many whale investors are turning to Pudgy Pandas as the Pudgy Penguins and Pepe lose momentum.
The newly launched coin, which is still in its token sale phase, has raised almost $4 million and is slowly going viral in Asian and Western countries.
READ MORE: Here’s Why the Crypto Crash is Happening and Liquidations Rising
Pudgy Pandas is built to take advantage of the ongoing demand for animal-themed coins. One of its top advantages compared to other popular meme coins is that it focuses on on panda, a popular animal that is predominantly found in the Asian region.
Another major difference is that Pudgy Pandas also has a social aspect in that about 20% of the tokens will be allocated to panda conservation.
Most notably, unlike Pepe and penguins that are in their millions, the last census showed that pandas are less than 2,000, which has created rarity.
Panda token price will continue rising during the ongoing presale, meaning that earlier buyers can expect to earn a strong return shortly after its launch on exchanges that will happen on October 18th this year. The current price is $0.035, much lower than the listing price of $0.06055.
Additionally, the developers have a lot of work planned to ensure that the price continues rising after the listing date. For example, they plan to activate the Panda Birth Initiative, which will involve token burns based on panda birth rate.
They also plan to secure listings with top-tier tier-1 exchanges and also partner with top panda charities. In future, Pudgy Pandas aims to launch cross-chain bridges and other initiatives to push its market capitalization to over $1 billion. Learn more on how to buy PANDA here.
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