The PEPE price erased all of its previous losses from the first half of September with an amazing rally in the last few weeks of the month. From $0.0000006 to $0.00000083, the price increased significantly, a gain of 37.5%.
But a double resistance level—the $0.00000083 price point and the upper trendline of a channel pattern—posed a serious challenge to this surge. The issue is whether purchasers can get beyond this obstacle with the current positive mindset.
Potential 14% Drop Looms for PEPE as Sellers Threaten Key Support,Potential 14% Drop Looms for PEPE as Sellers Threaten Key Support
Will the Price of PEPE Revert to $0.0000006?
The price of PEPE was driven down by the strong supply pressure at $0.0000083.
This memecoin is still under pressure from a declining channel pattern to undergo a longer corrective trend. The Pepe coin’s 24-hour trading volume is $79.2 million, which is a 1% loss.
The price behaviour of the Pepe coin on October 2nd displayed a robust bearish engulfing candle at the channel pattern’s resistance trendline. This candle, which closed higher than it did over the three trading days prior, may be a hint of impending negative reversal.
The asset, which is now trading at $0.00000074 at the time of this research and has lost 1.33% intraday, may be about to take a negative turn. A break below the low of $0.000000107 set yesterday would give the market further evidence that a downturn is coming.
This may set off a 14% decline that would take the market back to the last swing low at $0.0000006, and if selling pressure keeps building, it might even prolong the downward trend.
In contrast to meme currencies with a dog motif, such as SHIB and Doge, Pepe Coin has shown more volatility in the previous three months of price activity. The prices of Shiba Inu and Dogecoin have both shown more sideways fluctuations in their mid-term trends, whilst Pepe Coin has been in a continuous fall.
Bollinger Bands: The top Bollinger Band appears to be flattening, which implies it may serve as an extra resistance level, further thwarting attempts to be optimistic.
Relative Strength Index: Another warning indication for memecoin bulls is the daily RSI’s decline below the 60% mark, which suggests that a controlled reversal is becoming more plausible.
Potential 14% Drop Looms for PEPE as Sellers Threaten Key Support,Potential 14% Drop Looms for PEPE as Sellers Threaten Key Support,Potential 14% Drop Looms for PEPE as Sellers Threaten Key Support