Bear Trap Sets Stage for 20% Price Surge

Bear Trap Sets Stage for 20% Price Surge

The Pepe price failure to sustain a $0.00000078 support breakdown hints at a significant upswing ahead

Published 10 mins ago

For over a week, the Pepe coin has traded with a narrow range created from the price extreme of the August 25th candle. As per this daily candle, a high of $0.00000095 and a low of $0.00000078 stand as strong resistance and support for coin traders. With the recent downturn in the crypto market, the PEPE sellers showed a breakdown attempt from the pattern’s support trendline as a signal to continue the downward projection.

Also Read:  Pepe Coin, DYdX Awaits To See Bulls, Amidst TON Coin Facing Gains

Fake Breakdown Scenario Hints at a Potential Upswing

  • The Pepe coin is trapped in a sideways trend stretched from $0.00000095 and $0.00000078 horizontal levels.
  • A bearish breakdown from $0.00000078 puts PEPE at 15% downside risk
  • The 24-hour trading volume in the Pepe coin is $77 Million, indicating a 10.9% gain.

PEPE PriceSource- Trading

On September 1st, the falling Pepe coin price gave a massive breakdown from the range support of 0.00000078 with a significant red candle. Losing this support signals the replenished bearish momentum and sellers’ motive to continue to the prior downtrend.

However, today the PEPE price showed a gap up in the daily chart and entered the range levels. The seller’s failure to offer a suitable follow-up to the bearish breakdown reflects some weakness in their conviction.

If by the day’s end, the frog-themed meme closed above 0.00000078, the prior breakdown would be a bear trap, which may in response bolster the crypto buyers.

Will PEPE Price Regain the $0.0000009 mark?

In technical analysis, a bear trap is formed when the asset price gives a false indication of potential downward movement, but immediately reverts the price higher to trap heist sellers. Therefore, the PEPE price false breakdown from $0.00000078 will flip the price as viable support to surge the memecoin to $0.00000095

  • Relative Strength Index: The daily RSI slope close to the oversold region reflects the increasing potential of a bullish reversal.
  • Exponential Moving Average: The downsloping 20-day EMA would offer additional resistance against bullish bounces.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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