PEPE Token Price Approaching a Critical Breakout
For the past two weeks, the price of Pepe Coin has resonated between the $0.000009 resistance and the lower trendline of the wedge pattern. The recent bearish reversal from the overhead resistance has caused the asset to plummet 18% to $0.0000074. Subsequently, the market capitalization has dropped to $3.16 billion.
The trendline of dynamic resistance and support guided the price to a narrow apex, which then formed before a key breakout for the next directional rally.
Additionally, Pepe Coin’s open interest has increased significantly over the past week. According to data from Coinglass, open interest surged from $63 million to $92 million, an increase of 46%. If you want to know more about cryptocurrency investment logic, please visit my homepage! 🌟
If selling pressure re-emerges, PEPE prices could drop 15% and find support at the lower trendline. A previous flip from this support level led to a 72% rally to $0.000013 in late July, showing buyers in a high accumulation zone.
If history repeats itself, PEPE price will rise by 30% to $0.0000098, challenging the resistance trendline of the wedge pattern. A bullish breakout above this resistance level will signal the end of the corrective trend.
Conversely, a move below the daily exponential moving averages (20, 50, 100, and 200) would suggest that the path of least resistance is to the downside. A potential breakdown of the lower trendline would invalidate the bullish thesis and extend the decline to $0.00000463.
