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Channel Pattern Signals 30% Upswing – Crypto News

Published

2 years ago

August 25, 2023

Dripp

Demand pressure at a lower trendline sets the PEPE coin price for a strong upswing; should you buy?

Published 6 seconds ago

The Pepe coin has witnessed a steady correction over the past six weeks, falling with a series of lower highs and lows. The downfall initiated from the $0.00000188 high, tumbled the price by 57.6% to reach the June low of $0.00000082. However, the daily chart indicates the channel pattern formation this fall, showcasing a possibility of recovery.

Also Read: PEPE Coin Developers Selling Huge? PEPE Price Tanks by 20%

Pepe Coin Daily Chart: Key Points

The falling channel pattern governs the current downfall in the PEPE price
A bullish bounce from the lower trendline of the chart pattern sets the price for a 30% upswing
The 24-hour trading volume in the Pepe coin is $304.6 Million, indicating a 301% gain.

Source-tradingview

The ongoing correction in the Pepe coin price has entirely evaporated the gains obtained during the June-July rally. With an intraday fall of 6.3%, the coin price plunged back to the channel’s lower trendline. A long tail rejection attached to the daily candle reflects the altcoin price witnessed high demand pressure at this dynamic support.

Under usual conditions, the aforementioned support should bolster an upswing back to the overhead trendline.

Thus, with increasing bullish momentum, the Pepecoin coin may rise 30% from the current trading price of $0.0000009

Can Pepe Coin Rise Back to the $0.00000188 Level?

Amid the ongoing downfall, the Pepe coin rebounds twice from the upper trendline and four times from the lower, indicating its strong influence on pride behavior. An anticipation rally may surge the prices by 30% but will prolong the downtrend until the upper trendline is intact, therefore, to obtain a better confirmation of trend change, the buyer should give a bullish breakout from the upper resistance, which may drive the prices back to $0.00000188 mark.

Relative Strength Index: The daily RSI slope at an oversold region may attract more buyers luring for discounted assets
Bollinger Band: A lower price rejection at a bottom band of the Bollinger band indicator projects a high possibility of a bullish reversal.

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