Pepe coin price rose 2.3% during Monday’s trading session as the cryptocurrency market rebounded. The volatile meme cryptocurrency sector, including Pepe, showed significant growth as Bitcoin attempted to reclaim $60,000. Will this recovery last, or are sellers waiting to fight back?
Over the past two weeks, Pepe coin price has been trading sideways, fluctuating between the $0.000009 resistance and the lower trendline of the wedge pattern. The recent bearish reversal from the overhead resistance caused the asset to plummet 18% to trade at $0.0000074. Meanwhile, the market capitalization fell to $3.16 billion. The wedge pattern consists of two converging trendlines, which indicates that the momentum of the current trend is weakening. The trendlines act as dynamic resistance and support, leading the price to a narrow apex before decisively breaking through to usher in the next directional rally.
If the selling pressure resumes, the PEPE price could plunge 15% to find support at the lower trendline. Previously, a reversal from this support level led to a 72% rally to $0.000013 in late July, which suggests buyers are in an accumulation zone at high levels. If history repeats itself, PEPE prices will surge 30% to $0.0000098, challenging the resistance trendline of the wedge pattern. A breakout above this resistance level would signal the end of the corrective trend.
