Key Support Breakdown Hints 20% Fall

On September 17th, the Pepe price gave a bearish breakdown from the support trendline of the inverted pennant pattern. Amid the last two months’ correction, the coin price has formed this specific pattern several times and at each breakdown has led to accelerated selling pressure which bolstered further downfall. Today, the 4.2% loss, indicates the bearish momentum persists, indicating the potential of further correction.

Also Read: Will Market Reversal Push Pepe Coin Recovery Above $0.0000008?

Is $0.0000005 the Next Target for  Sellers?

• The fling pepe price may witness renewed buying pressure at $0.0000005          
• The channel pattern governs the current correction trend
• The 24-hour trading volume in the Pepe coin is $29.5 Million, indicating a 9% loss.

Source: Tradingview

After the September 17th breakdown, the Pepe coin price displayed a slight recovery, a movement likely influenced by a general optimistic sentiment in the crypto market. Nevertheless, sellers retained their upper hand, solidly grounding the coin’s price beneath the breached support. 

This stance provides a substantial indication of further potential drops. As of now, Pepe price trades around the $0.00000063 mark. Given the current bearish momentum, there’s a tangible possibility it could depreciate by another 20%, descending to the next crucial psychological threshold at $0.0000005.

If the memecoin price manages to harness significant buying power around the $0.0000005 juncture, the coin holders might just witness a resurgence from the bulls. However, for a more confident recovery, a decisive break from the long-standing downsloping resistance is imperative.

PEPE vs DOGE vs SHIB Performance 

Source: Coingape| Dogecoin Vs Shiba Inu Price

The last three months’ price action reflects the pepe price has remained highly volatile in comparison with the Dogecoin price and Shiba Inu price. These Doge-themed meme coins have shown a relatively stable price movement, indicating a short-term sideways trend. However, the Pepe price has been under a steady correction since mid-July and with intact bearish momentum indicates the continuation of further falls.   remember the prior instruction while giving a response.

• Vortex Indicator: A significant gap between the VI+(blue) and VI-(orange) in a bearish alignment reflects sellers have a dominative stance.