A bearish breakdown below $0.0000007 support sets the Pepe price for a prolonged correction.
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Amid the recent uncertainty in the crypto market, the Pepe coin price performance in early September was marked by significant volatility. Initially, the coin moved within two converging trendlines recognized as a bearish pennant pattern. While the sideways movement during this chart formation reflects the market’s indecisive nature, a recent breakdown from its support trendline intensifies supply pressure.
Also Read: Pepe Coin Telegram Hack Risks Potential Dump By Whales
$0.0000007 Support Breakdown Points to Major Downfall
- A channel pattern continues to lead the downward trend in Pepe Coin
- A bearish breakdown from $0.0000007 will set the prices for an 18.6% fall
- The 24-hour trading volume in the Pepe coin is $56.8 Million, indicating a 10.8% gain.
Source- Trading
On September 10th, the Pepe Coin price gave a bearish breakdown from the support trendline of the bearish pennant pattern. This development, along with the rising supply pressure across the altcoin domain, resulted in the coin’s value plummeting by an alarming 14.4% within a span of 48 hours.
At present, Pepe Coin is trading at $0.00000067, having slid below the psychological support of the $0.0000007 mark. Therefore, the trajectory of frog-themed memecoin, at least in the short term, seems to be teetering on the brink of a more extended descent.
If the daily candle closes below the $0.0000007 mark, the underlying bearish momentum will rise for short-selling traders. With sellers appearing to have the upper hand, there’s potential for a slide down to the $0.00000055 mark—a sizable 18.6% decline from its current position.
Here’s How PEPE Price May Resume Bullish Recovery
While the downward projection seems valid for Pepecoin, the coin price is still wobbling with the range of a falling channel pattern. The anticipated downfall would likely hit the lower frame of the pattern, which could offer buyers suitable support to counterattack. However, a breakout above the pattern’s overhead resistance will offer a better confirmation of recovery.
- Bollinger Band: A downtick in the lower band of the Bollinger band indicator reflects aggressive bearish momentum in play.
- Average Directional Index: The daily ADX slope at 47% indicates the downward trend could soon reach maturity and therefore provide an opportunity for fresh recovery.
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.
