PEPE Price Prediction: Key Resistance Breach Signals 20% Rally Ahead

An upside breakout from the overhead trendline will likely proper the PEPE price to $0.000001

Published 2 days ago

As bearish sentiment intensifies in the crypto market, Pepe coin price has experienced a sharp decline over the past two weeks. The daily chart indicates that this decline is reinforced by a descending resistance trendline that consistently opposes any recovery in price. However, a recent breakout from the barrier signals the potential for a bullish upswing.

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Also Read: PEPE Price Prediction: Rising Demand Pressure Sets Pepe Coin Rally to $0.0000011

Trendline Breakout Triggers a Potential Upswing in PEPE Price

  • An upswing breakout from the resistance trendline set the price 20% rally
  • The Pepe coin downtrend will persist until the channel pattern is intact
  • The 24-hour trading volume in the Pepe coin is $39 Million, indicating a 23% gain.

PEPE Price PredictionSource- Trading

With the leading cryptocurrency Bitcoin, obtaining bullish support at the $25500 mark, the major crypto coins halted their correction. Similarly, the Pepe price rebounded from the $0.00000075 mark and breached overhead resistance on September 5th.

This breakout should provide buyers with a stepping stone to initiate the bullish upswing. As of now, the Pepe Coin price trades at $0.00000079 mark with an intraday loss of 1.23%. The downtick is retesting the breached trendline to check its viability for suitable support.

If the buyers manage to sustain this level, the post-breakout rally could soar the prices to a potential target of $0.00000083, followed by  $0.00000091 or $0.00000097.

Channel Pattern Could Prolong the Downward Trend

A bullish break past the resistance trendline could potentially propel the memecoin by 20% or higher targeting the $0.0000097 mark. While this expected rise is set to bolster market recovery sentiments, a keen long in the daily chart shows this upswing is confined with the range of falling channel pattern. The rising price may face intense supply pressure at the overhead trendline.

  • Moving Average Convergence Divergence: Despite the falling prices, the MACD(blue) and signal(orange) rising indicate the buying pressure of bottom supports is rising. 
  • Bollinger Band: The narrow Bollinger Band indicator indicates the market participants.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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