Pepe coin Set for a Rally to $0000011

On September 1st, the Pepe coin price gave a decisive breakdown from the August 25th low of $0.00000078 as a signal of downtrend continuation. However, the sellers could not provide a suitable follow-up reflecting their lack of conviction. Thus, the popular memecoin surged back above the aforementioned support, indicating the prior fall was a bear trap that could increase market buying in the market.

Also Read: PEPE Price Prediction: Will Pepe Coin Reclaim $0.000001 in September?

Trendline Breakout Could Push the PEPE Price to $0.0000011

• A bullish breakout from $0.00000083 could set the PEPE price at 35%
• The memecoin trades may fave supply pressure at the channel pattern’s resistance
• The 24-hour trading volume in the Pepe coin is $51 Million, indicating a 35% gain.

Source- Trading

After the September 1st fake breakdown from the $0.00000078 support, the daily chart showed an immediate bullish reversal with the formation of the Morning Star candle. This minor recovery could be associated with the most prominent cryptocurrency Bitcoin witnessing demand pressure at $25000.

Thus, the PEPE price surged 5% in the last three days and is currently trading at $0.00000082. This reversal could trigger a short-term relief rally to $0.00000011 registering a potential gain of 34%.

However, the coin price faces dual resistance from the September 1st high of $0.00000083 and a downsloping resistance trendline. An upside breakout from these barriers will give a better confirmation for a bullish upswing.

PEPE Coin Needs This Before a Sustained Rally

While the bullish upswing for Pepe coin seems valid and can make a recovery back to the $0.0000011 mark, the daily chart shows the presence of the channel pattern’s resistance. This chart setup has carried a recovery rally for the past two months offering constant resistance during bullish. Therefore, the coin holders must keep a close eye on this barrier for the possibility of a potential reversal.

• Stochastic: The daily stochastic line, K%, and D% wavering around the oversold region could attract more buyers to buy at discounted prices.

• Exponential Moving Average: The coin price trading far below the 20-day EMA slope reflects an aggressive downtrend still in action