A rise above the $0.0000007 psychological level may PEPE price for significant recovery; is it the right time to enter?
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During the second week of September, the crypto market saw a notable sell-off. The Pepe coin wasn’t spared, breaking below the psychological support of $0.0000007 with considerable volume. This move seemed to highlight the sellers’ determination to push the price down. Yet, with Bitcoin rallying from the $25,000 benchmark, there’s been a shift in market sentiment, causing the Pepe price descent to plateau and casting doubts on its future trajectory.
Also Read: What’s Next For Pepe Coin After Losing $0.0000007 Support?
Failed Breakdown of $0.0000007 may Bolster PEPE Price to Regain Lost Ground
- Bear trap set could increase the demand pressure in the SHIB price
- A bearish reversal from $0.0000007 could push the prices 46% higher
- The 24-hour trading volume in the Pepe coin is 44.9 $ Million, indicating a 2.11% loss.
Source- Trading
The past four days of Pepe coin price movement are tightly contained within the price range established on September 11th. This day’s candle high at $0.00000071 acts as a significant resistance, while its low at $0.00000064 serves as formidable support.
The lack of a bearish follow-through after breaking the $0.0000007 mark hints at dwindling bearish momentum. Given the overall market’s budding recovery signs, it’s plausible for memecoin enthusiasts to drive Pepe coin above the mentioned level, framing the recent breakdown as a mere bear trap.
Should this breakout materialize, it’s likely to further boost buying momentum, pushing prices well beyond the $0.00000085 threshold.
Chart Pattern Reflect Threat for further correction
On the 4-hour time frame chart, the current price consolidation forms what looks like a bearish pennant — a pattern typically seen during ongoing downtrends and defined by converging trend lines. If Pepe coin’s price breaches the pennant’s lower boundary, it would signal that sellers have regained control, potentially driving prices down to as low as $0.0055.
- Exponential Moving Average: The downsloping 20-day EMA reflects high selling momentum in active
- Average Directional Index: The daily ADX slope at 47% indicates the ongoing downward trend could exhaust soon to offer buyers an opportunity to reclaim trend control
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.
