$PEPE Price Poised for 18% Jump

The frog-themed memecoin, Pepe coin, has managed to remain relatively stable despite the market correction in market leaders Bitcoin and Ethereum. Over the past week, it has been trading within a tight range, bounded by $0.00000071 and $0.0000006. As is often the case in asset trading, this period of consolidation will likely give way to a significant price movement in the near future.

Also Read: Long-term Bitcoin Hodlers Now Own Over Half the Circulating Supply: Report

Range Breakout Hints 18% Surge

• The rejection candle at $0.71 indicates the PEPE price faces an intense overhead supply.
• 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

On September 23rd, Pepe coin price encountered resistance at the upper limit of this range, $0.00000071. Instead of a sustained bearish push downwards, the coin witnessed a lackluster response from the sellers. 

Such lack of follow-through is often termed a ‘shake-out’, a deceptive price movement that tends to shake out weak market participants who might misconstrue it as a genuine reversal. In many cases, this phenomenon can be a precursor to a strong breakout in the opposite direction. 

Today, the Pepe price has appreciated by 3%, nudging the upper boundary once again. For a bullish trajectory to be confirmed, it’s pivotal for the coin to close above this range on the daily chart. 

Should this breakout materialize, there’s potential for a subsequent 18% rally, targeting resistances at $0.00000084—a convergence of a horizontal barrier and a declining trendline, characteristic of a channel pattern that has been influencing the coin’s price dynamics for a while now.c

Will the PEPE Price Break below $0.0000006?

If the overhead supply persists, the Pepe price would likely attempt a breakdown below $0.0000006. A successful breach of this support could further extend the current correction phase within the confines of the channel pattern. This ongoing pattern, with its trendlines serving as dynamic barriers, dictates the current trend for Pepecoin. A breakout above its upper trendline is essential to herald a change in the prevailing trend.

• Exponential Moving Average: The 20-day EMA continues to offer strong resistance to minor upswing.

• Relative Strength Index: The rising RSI reflects the buyer’s attempt to regain lost ground. however, the price action still wavering sideways reflects weakness and potential for downfall.