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Pepe‘s (PEPE) price has been in a downward trend since the beginning of October. The beloved memecoin has experienced a loss of nearly 30% in the past three weeks, dropping from $0.00000085 to its current trading price of $0.0000006484. However, the increasing demand at the $0.0000006 level indicates a potential double bottom formation for the memecoin.
Emerging Formation Could Trigger a Rise in PEPE
The short-term trend in Pepe coin is currently causing a sideways movement, and the price of the memecoin continues to fluctuate between $0.00000085 and $0.0000006. However, in the past few days, buyers have started to trust the market with the news of spot Bitcoin ETF, which has led to an increase in momentum for altcoins, especially memecoins. This momentum has allowed PEPE to move upward from the $0.0000006 support level, resulting in the formation of a double bottom pattern on the daily price chart.
This double bottom formation could help PEPE regain control of its overall price trend and stay in an upward trajectory. Breaking the resistance level at $0.00000085 could further strengthen the bullish trend and support the price to reach higher levels.
Can PEPE Coin Rise to $0.00000085?
Considering that buyers can sustain the upward momentum with the overall market recovery, the price of PEPE coin could surpass the $0.00000085 threshold under the bullish trend. If the price successfully breaks the $0.00000085 resistance level, the sequential targets could be $0.000001 and $0.00000143. On the other hand, as a result of the downward trend that has put significant pressure on the memecoin, the price could fail to break the $0.00000085 resistance and turn downwards again.
The catalyst for the expected breakthrough seems to depend on the overall market outlook. At this point, the biggest cryptocurrency, Bitcoin, surpassing and maintaining above the $30,000 threshold could trigger the breakthrough.
Currently, the Relative Strength Index (RSI) on the daily timeframe of PEPE indicates a bullish trend despite the sideways price movement and increasing buying pressure at this support level. Furthermore, the Bollinger Band indicator provides additional support by signaling an upward movement at the lower band.
