PEPE ANALYSIS:
The heightened selling pressure in the altcoin market has had a pronounced effect on Pepe coin, driving its price down significantly in a V-Top reversal pattern. The coin tumbled from a resistance level of $0.00000083 to its current trading price of $0.0000006, recording a steep loss of 21.8% in just a fortnight. If the bearish momentum sustains, the last swing low support at $0.0000006 will be tested, putting the memecoin at risk of an extended downtrend.
Can Pepe Price Sustain Above $0.0000006?
The overhead supply pressure at the resistance trendline will set the PEPE price for a prolonged downfall.
A breakout above the channel pattern is needed to start sustained recovery.
The 24-hour trading volume in the Pepe coin is $39 Million, indicating a 15% gain.
The Pepe coin price has been consistently meeting resistance from the upper trend line of its channel pattern, indicative of an established downward trend. Currently, the market sentiment seems to be “sell on the bullish bounce,” making upward movements difficult for the coin.
However, today’s intraday gain of 8.4% indicates that buyers may attempt to challenge this overhead trend line once more. Should overhead supply pressure persist, this memecoin could break below its last swing low support of $0.0000006, intensifying the selling pressures.
A breakdown below this level would likely accelerate the coin’s decline to psychological support at $0.0000005, followed potentially by $0.0000004.
This bearish scenario could continue as long as the channel pattern holds.
