As bearish sentiment intensifies in the crypto market, Pepe coin price has experienced a sharp decline over the past two weeks. The daily chart indicates that this decline is reinforced by a descending resistance trendline that consistently opposes any recovery in price. However, a recent breakout from the barrier signals the potential for a bullish upswing.
Also Read: PEPE Price Prediction: Rising Demand Pressure Sets Pepe Coin Rally to $0.0000011
Trendline Breakout Triggers a Potential Upswing in PEPE Price
- An upswing breakout from the resistance trendline set the price 20% rally
- The Pepe coin downtrend will persist until the channel pattern is intact
- The 24-hour trading volume in the Pepe coin is $39 Million, indicating a 23% gain.
Source- Trading
With the leading cryptocurrency Bitcoin, obtaining bullish support at the $25500 mark, the major crypto coins halted their correction. Similarly, the Pepe price rebounded from the $0.00000075 mark and breached overhead resistance on September 5th.
This breakout should provide buyers with a stepping stone to initiate the bullish upswing. As of now, the Pepe Coin price trades at $0.00000079 mark with an intraday loss of 1.23%. The downtick is retesting the breached trendline to check its viability for suitable support.
If the buyers manage to sustain this level, the post-breakout rally could soar the prices to a potential target of $0.00000083, followed by $0.00000091 or $0.00000097.
Channel Pattern Could Prolong the Downward Trend
A bullish break past the resistance trendline could potentially propel the memecoin by 20% or higher targeting the $0.0000097 mark. While this expected rise is set to bolster market recovery sentiments, a keen long in the daily chart shows this upswing is confined with the range of falling channel pattern. The rising price may face intense supply pressure at the overhead trendline.
- Moving Average Convergence Divergence: Despite the falling prices, the MACD(blue) and signal(orange) rising indicate the buying pressure of bottom supports is rising.
- Bollinger Band: The narrow Bollinger Band indicator indicates the market participants.
