Will Correction Trend Extend to $0.0000005?

September’s second week has not been kind to the crypto realm, with a rising tide of selling pressure sweeping across the board. The popular memecoin PEPE wasn’t spared either as it shed from its value of $0.00000082 highs to a concerning $0.00000064, marking a 17.8% decrease. This trajectory has captured investor attention, especially as the coin price breached the psychological anchor at $0.0000007, Does this mark the beginning of a more profound descent for our froggy friend?

Also Read: Pepe Coin Telegram Hack Risks Potential Dump By Whales

Increased Supply Pressure Hints a Potential Fall to $0.00000055

• The $0.0000007 Breakdown set the PEPE price for a 20% drop
• The crypto buyers may witness an increase in demand pressure at $0.00000055
• The 24-hour trading volume in the Pepe coin is $48.3 Million, indicating a 37.5% loss.

Source- Trading

On September 11th, the Pepe coin price shattered the $0.0000007 support zone, and the accompanying trade volume spike hinted at a solidified bearish momentum. While the buyers took a stand, attempting a rally towards the $0.0000007 mark in the subsequent days, the strong price rejection was clear evidence of the sellers’ fortified position. 

By the present time, the PEPE price trades a $0.00000068, with an intraday gain of 1.5%. If the bearish momentum remains unchecked, we could see this meme coin’s value plunge an additional 20%, aiming for the $0.00000055 threshold.

However, the $0.00000055 aligned with the lower trendline of the channel pattern could act as a suitable support for a bullish rebound. Historically, this chart pattern has offered significant recovery upon the breakout for its resistance trendline.

Can the PEPE Price Rise Back to $0.0000008?

Amid the ongoing retest phase, if the PEPE price manages to claw its way back above the $0.0000007 benchmark, the prior breakdown would be termed a bear trap. Such fake breakdown, designed to mislead traders into thinking an asset’s value will decline, could end up being a catalyst, injecting a fresh wave of optimism and buying vigor into the market. Should this materialize, PEPE might just shrug off its recent setbacks and rally back to its $0.0000008 glory.

• Exponential Moving Average: The 20-day EMA may offer additional resistance to bolsters’ downward trend. 
• Relative Strength Index: The daily RSI slope below 40% reflects the selling momentum is aggressive.