\nThe increasing supply pressure at the resistance trendline hints Pepe coin price to extend the correction trend.\t\t\t\t<\/p>\n
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As the crypto market grapples with heightened bearish undertones, the PEPE price has experienced a V-top reversal<\/a> after facing resistance at $0.00000083. This downturn, unfolding over a span of two weeks, has eroded the coin\u2019s value by a staggering 23.53%, bringing its current trading price to $0.00000065. Throughout this correction phase, this memecoin\u2019s price trajectory seems to be continually stifled by the persistent resistance of a descending channel, further consolidating the prevailing bearish sentiment.<\/span><\/p>\n <\/p>\n Also Read: Pepe Coin Price Prediction As Repetitive Pattern Signals Another 15% Drop<\/a><\/p>\n Examining the daily timeframe, the Pepe coin price<\/a> trend paints a picture of a consistent decline, oscillating between the confines of a channel pattern\u2019s trendlines. Over the last quarter, the prices have rebounded from these boundaries on four distinct occasions, emphasizing the channel\u2019s significant role in shaping the asset\u2019s price actions.\u00a0<\/span><\/p>\n Most recently, on October 9th, the PEPE price faced its fourth rejection from the channel\u2019s upper limit, precipitating a sharp 7.63% price descent. Given the prevailing bearish momentum, it\u2019s anticipated that the prices might further recede by approximately 8.5%, targeting the $0.0000006 level.\u00a0<\/span><\/p>\n Should the dynamic resistance from the descending trendline persist, there\u2019s a heightened risk that the Pepe coin could slip beneath the $0.000006 threshold. Such a move would amplify the bearish pressures, potentially propelling the coin toward the next psychological support markers at $0.0000005 and subsequently, $0.0000004.\u00a0<\/span><\/p>\n<\/blockquote>\n However, it\u2019s imperative to note that a bullish breach above the channel could significantly alter the current narrative, providing buyers with a conducive environment for a rally.<\/span><\/p>\n <\/p>\n Pivoting to a comparative analysis over the last three months, the popular memecoins<\/a> \u2013 Pepe and Doge \u2013 have predominantly exhibited bearish tendencies. However, with a closer look, it seems the frog-themed coin is witnessing a steeper correction, in comparison to a more sideways-like trend in Dogecoin price. Therefore, Pepe coin is more vulnerable to an extended downturn, especially if the broader market sentiment remains bearish.<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\nOverhead Supply Hints Breakdown Below $0.0000006<\/b><\/h2>\n
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Source- <\/span>Tradingview<\/span><\/p>\n\n
PEPE vs Doge Performance<\/b><\/h2>\n
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Source: Coingape| Pepe Coin Vs Dogecoin\u00a0 Price<\/span><\/p>\n\n
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