A breakdown below $0.0000007 support sets the Pepe price for an extended correction to $0.04 Should you sell on this?
Published 13 seconds ago
September’s second week has not been kind to the crypto realm, with a rising tide of selling pressure sweeping across the board. The popular memecoin PEPE wasn’t spared either as it shed from its value of $0.00000082 highs to a concerning $0.00000064, marking a 17.8% decrease. This trajectory has captured investor attention, especially as the coin price breached the psychological anchor at $0.0000007, Does this mark the beginning of a more profound descent for our froggy friend?
Increased Supply Pressure Hints a Potential Fall to $0.00000055
- The $0.0000007 Breakdown set the PEPE price for a 20% drop
- The crypto buyers may witness an increase in demand pressure at $0.00000055
- The 24-hour trading volume in the Pepe coin is $48.3 Million, indicating a 37.5% loss.
On September 11th, the Pepe coin price shattered the $0.0000007 support zone, and the accompanying trade volume spike hinted at a solidified bearish momentum. While the buyers took a stand, attempting a rally towards the $0.0000007 mark in the subsequent days, the strong price rejection was clear evidence of the sellers’ fortified position.
By the present time, the PEPE price trades a $0.00000068, with an intraday gain of 1.5%. If the bearish momentum remains unchecked, we could see this meme coin’s value plunge an additional 20%, aiming for the $0.00000055 threshold.
However, the $0.00000055 aligned with the lower trendline of the channel pattern could act as a suitable support for a bullish rebound. Historically, this chart pattern has offered significant recovery upon the breakout for its resistance trendline.
Can the PEPE Price Rise Back to $0.0000008?
Amid the ongoing retest phase, if the PEPE price manages to claw its way back above the $0.0000007 benchmark, the prior breakdown would be termed a bear trap. Such fake breakdown, designed to mislead traders into thinking an asset’s value will decline, could end up being a catalyst, injecting a fresh wave of optimism and buying vigor into the market. Should this materialize, PEPE might just shrug off its recent setbacks and rally back to its $0.0000008 glory.
- Exponential Moving Average: The 20-day EMA may offer additional resistance to bolsters’ downward trend.
- Relative Strength Index: The daily RSI slope below 40% reflects the selling momentum is aggressive.
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.