[PEPE breaks through the downward channel and is expected to rise further]
PEPE is currently trading at $0.0000078, and technical indicators suggest the meme coin has potential to grow. PEPE has been trending downward since August 5, forming a descending channel. The channel has upper boundary resistance at $0.0000090 and lower boundary support at $0.0000065.
After PEPE logged on to Upbit on Tuesday, the price briefly experienced a double-digit increase. Although it subsequently fell back, it is currently testing the resistance level again. A breakout of the descending channel may indicate a reversal of the market's downward trend and increased buyer power.
Additionally, PEPE is moving towards its 20-day exponential moving average (EMA), which typically signals that short-term price momentum has turned positive and could push prices above the average levels of the past 20 days.
On-chain data shows that PEPE remains undervalued, which could be a good buying opportunity for investors looking to profit from a potential rally. According to data from Santiment, PEPE’s 30-day and 90-day MVRV ratios are -6.94% and -23.71% respectively, indicating that the asset is currently priced below the average purchase cost of tokens in circulation.
If PEPE continues its upward trend, the price could rise to $0.0000085, opening up profit opportunities. But if profit-taking occurs, the price could fall below the support to $0.0000058.
