PEPE Price Prediction: Will Pepe Coin Reclaim $0.000001?

Amid the recent surge in market supply pressure, the PEPE coin price gave a decisive breakdown from the August low support level of $0.00000078. Losing the last swing hints at the increasing selling pressure and higher potential for downtrend continuation. However, the PEPE sellers’ failure to provide a suitable follow-up indicates some weakness in their conviction. Will buyers take advantage of this uncertainty to reclaim high ground?

Also Read: PEPE Price Prediction: Bear Trap Sets Stage for 20% Price Surge

Bear Trap Sets PEPE Price for Potential Upswing

A potential upswing in Pepe coin would push the prices by 30%
A channel pattern leads the current downtrend in this memecoin
The 24-hour trading volume in the Pepe coin is $50 Million, indicating a 38% loss.

Source- Trading

Despite a high momentum breakdown from the $0.00000078 support on September 1st, the PEPE price witnessed immediate reversal and surge above breached support the very next day.

By the press time, the frog-themed memecoin trades at $0.00000079 with an intraday gain of 1.29%. If the daily candle closes above 0.00000078, the prior crack-down would be marked as a bear trap.

Such scenarios often lead to an increase in buying pressure as the trapped sellers exit their position with buy-ins. The potential upswing should break the September 1st high of $0.00000083 to get a better confirmation price recovery.

Here’s What the PEPE Coin Needs to Trigger a Sustained Recovery.

While the bullish upswing for Pepe coin seems valid, this recovery would still be under the influence of a falling channel pattern. For the past two, the coin price has witnessed a steady downtrend within the boundaries of this channel. Therefore, to obtain a better confirmation of recovery, the buyers should breach the upper trendline. This breakout could push the memecoin beyond the $0.000001 mark.

Relative Strength Index: The daily RSI slope wavering oversold region should attract more buyers to trigger a bullish reversal.
Bollinger Band: An uptick in the lower band of the Bollinger Band indicator should offer additional support to coin buyers.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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