PEPE Price Prediction: Bear Trap Sets Stage for 20% Price Surge
For over a week, the Pepe coin has traded with a narrow range created from the price extreme of the August 25th candle. As per this daily candle, a high of $0.00000095 and a low of $0.00000078 stand as strong resistance and support for coin traders. With the recent downturn in the crypto market, the PEPE sellers showed a breakdown attempt from the pattern’s support trendline as a signal to continue the downward projection.
Also Read: Pepe Coin, DYdX Awaits To See Bulls, Amidst TON Coin Facing Gains
Fake Breakdown Scenario Hints at a Potential Upswing
- The Pepe coin is trapped in a sideways trend stretched from $0.00000095 and $0.00000078 horizontal levels.
- A bearish breakdown from $0.00000078 puts PEPE at 15% downside risk
- The 24-hour trading volume in the Pepe coin is $77 Million, indicating a 10.9% gain.
Source- Trading
On September 1st, the falling Pepe coin price gave a massive breakdown from the range support of 0.00000078 with a significant red candle. Losing this support signals the replenished bearish momentum and sellers’ motive to continue to the prior downtrend.
However, today the PEPE price showed a gap up in the daily chart and entered the range levels. The seller’s failure to offer a suitable follow-up to the bearish breakdown reflects some weakness in their conviction.
If by the day’s end, the frog-themed meme closed above 0.00000078, the prior breakdown would be a bear trap, which may in response bolster the crypto buyers.
Will PEPE Price Regain the $0.0000009 mark?
In technical analysis, a bear trap is formed when the asset price gives a false indication of potential downward movement, but immediately reverts the price higher to trap heist sellers. Therefore, the PEPE price false breakdown from $0.00000078 will flip the price as viable support to surge the memecoin to $0.00000095
- Relative Strength Index: The daily RSI slope close to the oversold region reflects the increasing potential of a bullish reversal.
- Exponential Moving Average: The downsloping 20-day EMA would offer additional resistance against bullish bounces.
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