Under the influence of the double bottom pattern, the PEPE price should rebound from $0.00000082 to trigger a fresh recovery rally.
Published 21 seconds ago
Over the past five days, the Frog-themed memecoin has been hovering above the monthly support of $0.00000082. While the broader market uncertainty prevents the coin buyers from a significant rebound the lower price rejection in the daily candle reflects the rising demand pressure is intact. Here’s how a potential rebound from the aforementioned support could influence the future trend of PEPE price.
Also Read: Pepe Coin Team Gives Clarification Of The 16 Trillion Pepe Tokens Theft
Pepe Coin Daily Chart: Key Points
- A bullish breakout from the upper trendline could offer an early sign of trend reversal
- The PEPE price may witness a high demand pressure at $0.00000082
- The 24-hour trading volume in the Pepe coin is $66.39 Million, indicating a 10% loss.
Source-tradingview
The Pepe coin price chart shows the ongoing correction is led by a downsloping channel. Along with the above-mentioned $0.00000082 support, the lower trendline of this pattern offers an additional push for a rebound.
In the past weeks, the PEPE price has rebounded from this trendline support multiple times, indicating the buyer’s active accumulation. The potential rebounded could raise the prices 40% higher to hit the upper trendline near $0.00000115.
However, the chart indicates this anticipated as the formation of a bullish reversal pattern called a double bottom. The chart pattern often spotted at the market bottom is a sign of increased accumulation.
Under the influence of this setup, the Pepe coin price may trigger a rally to $0.00000188.
Can the PEPE Price Rise Back to $0.0000015?
While the bullish outlook seems valuable for the PEPE price, the influence of the channel pattern is still aggressive on traders. Therefore, the investors looking for a safer entry should wait for a breakout above the resistance trendline as it may bolster buyers for the early target of $0.0000015.
On a contrary note, a bearish breakdown below the $0.00000082 or channel pattern may invalidate the bullish thesis
- Average Directional Index: The daily ADX at 35% reflects the ongoing correction in reaching maturity, bolstering the potential of a bullish reversal
- Exponential Moving Average: The downsloping EMAs(20, 50, and 100) could offer dynamic resistance in-market buyers.
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.
