$PEPE paints a head-and-shoulders pattern with the downside target residing 75% below the current price.
PEPE charts flash a classic bearish reversal pattern
From a technical standpoint, the price of PEPE could drop sharply from its current levels. At the core of this bearish outlook lies the classicAnalysts who use technical analysi view the H&S pattern as a bearish reversal indicator for the unversed. It forms when the price forms three peaks atop a common neckline support; the middle peak, called"head," is higher than the other two, called the"left shoulder" and"right shoulder.
On May 22, PEPE broke below its H&S neckline near $0.00000156. That puts its downside target near $0.00000041 in June, down around 70% from current price levels.Meanwhile, the H&S breakdown could exhaust midway as PEPE tests $0.00000082 for a rebound in June. This level, down about 30% from current price levels, served as support in early May; it further coincides with PEPE's 0.786 Fib line.
On the other hand, the breakdown scenario will risk invalidation if the PEPE price reclaims the H&S neckline as support.Despite its recent losses, PEPE still trades 4,000% higher when measured from its exchange debut price of $0.00000044. As a result, more price declines could prompt
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