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.