Pepe Coin:The dual resistance level of $0.00000083 and the upper trendline of a developed channel pattern presented a substantial impediment to the price recovery of Pepe that was observed towards the end of September.
As the most popular cryptocurrency, Bitcoin, pulled back from $28,500, the Pepe coin also declined, falling 14% to a local support of $0.0000007. Will the memecoin undergo a more significant decline as a result of this bearish reversal?
Reduced Overhead Supply Points to $0.0000006
A recent departure from the channel pattern suggests that the PEPE price may undergo a longer decline.
In the event of a fall below the 20-day Moving Average, selling pressure in the market is expected to increase.
Will October See a $0.0000006 Drop in Pepe Coin Price?,Will October See a $0.0000006 Drop in Pepe Coin Price?
The Pepe coin’s 24-hour trading volume is $51. million, which represents a 35% loss.
The Pepe coin price encountered its third rejection from the channel pattern’s upper boundary on October 2. This pattern has been guiding the currency’s price trajectory for over three months.
The price has demonstrated a constant relationship with the parallel trendlines of this pattern, highlighting their noteworthy influence on the actions of market participants.
In the past, the price has always encountered and retreated from this trendline, which has caused the daily chart to decline significantly. The most recent decline presents a comparable risk to the value of this memecoin in light of this trend.
The price of PEPE is now trading at $0.00000072 as of this writing. The traders may witness a sharp 15% loss if it breaks below the crucial $0.0000007 support, perhaps reaching the psychological support level of $0.0000006. A decline below this level would confirm the negative story and might drive the price as low as $0.0000005.
Will Pepe Price Take Back $0.000001?
Pepe coin price will continue to go lower until the channel pattern is broken. As a result, investors seeking a bullish chance have to hold off until a breakthrough occurs above the trendline that is resistive to overhead. This breakthrough might help the buyers recover $0.000001 and would be an early indication of a trend reversal.
Exponential Moving Average: During bullish rallies, the 50-day EMA slope continues to function as a significant barrier.
Directional Movement Index: Market sellers have an extra advantage when there is a bearish crossing between the DI+ (blue) and DI-(orange) slopes.
Will October See a $0.0000006 Drop in Pepe Coin Price?,Will October See a $0.0000006 Drop in Pepe Coin Price?,Will October See a $0.0000006 Drop in Pepe Coin Price?