As the crypto market grapples with heightened bearish undertones, the PEPE price has experienced a V-top reversal after facing resistance at $0.00000083. This downturn, unfolding over a span of two weeks, has eroded the coin’s value by a staggering 23.53%, bringing its current trading price to $0.00000065. Throughout this correction phase, this memecoin’s price trajectory seems to be continually stifled by the persistent resistance of a descending channel, further consolidating the prevailing bearish sentiment.
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Also Read: Pepe Coin Price Prediction As Repetitive Pattern Signals Another 15% Drop
Overhead Supply Hints Breakdown Below $0.0000006
- A breakout above the channel pattern may signal the end of the correction
- The coin buyers may witness high demand pressure around $0.0000006
- The 24-hour trading volume in the Pepe coin is $33.7 Million, indicating a 33% loss.
Source- Tradingview
Examining the daily timeframe, the Pepe coin price trend paints a picture of a consistent decline, oscillating between the confines of a channel pattern’s trendlines. Over the last quarter, the prices have rebounded from these boundaries on four distinct occasions, emphasizing the channel’s significant role in shaping the asset’s price actions.
Most recently, on October 9th, the PEPE price faced its fourth rejection from the channel’s upper limit, precipitating a sharp 7.63% price descent. Given the prevailing bearish momentum, it’s anticipated that the prices might further recede by approximately 8.5%, targeting the $0.0000006 level.
Should the dynamic resistance from the descending trendline persist, there’s a heightened risk that the Pepe coin could slip beneath the $0.000006 threshold. Such a move would amplify the bearish pressures, potentially propelling the coin toward the next psychological support markers at $0.0000005 and subsequently, $0.0000004.
However, it’s imperative to note that a bullish breach above the channel could significantly alter the current narrative, providing buyers with a conducive environment for a rally.
PEPE vs Doge Performance
Source: Coingape| Pepe Coin Vs Dogecoin Price
Pivoting to a comparative analysis over the last three months, the popular memecoins – Pepe and Doge – have predominantly exhibited bearish tendencies. However, with a closer look, it seems the frog-themed coin is witnessing a steeper correction, in comparison to a more sideways-like trend in Dogecoin price. Therefore, Pepe coin is more vulnerable to an extended downturn, especially if the broader market sentiment remains bearish.
- Moving Average Convergence Divergence: A bearish crossover between the MACD(blue) and signal(Orange) slope could accelerate the selling pressure in the market.
- Bollinger Band: the lower band of the Bollinger Band indicator wavering around $0.0000006 gives additional support to buyers.
