- PEPE Coin is testing critical support between $0.00000884 and $0.00000984, which has previously triggered significant rallies.
- Social sentiment has risen, with social dominance increasing from 0.4489% to 0.685%, signaling growing interest in the coin.
- Exchange outflows of $24.23M signal less sell pressure, supporting price stability and boosting the chances of a price rebound
PEPE Coin’s price has recently returned to a crucial demand zone following a sharp decline, drawing attention to its next potential move. Chart analysis shows that the current market structure may be setting up for a significant breakout. With key support holding steady and growing social sentiment, traders are closely monitoring the price action heading into October.
The PEPE Coin price is trading at $0.00000935, currently testing the support range of $0.00000884 to $0.00000984. This area has previously acted as a strong support zone, triggering a 105% rally in May that pushed prices beyond $0.00001800. The current price action suggests that if the support holds, the price may see an upward move, with a potential breakout above the descending resistance trendline. If successful, this could lead to a target price of $0.00001500, reflecting a possible 69% gain from current levels.
Resistance Remains a Key Barrier
Despite the positive outlook, PEPE Coin must overcome a critical resistance barrier. The chart shows a descending resistance trendline, which has been limiting upward movement. If the price fails to maintain support and breaks below the lower boundary of $0.00000884, it may shift focus toward the next level of support. However, repeated tests of this demand zone strengthen the chances of another price rebound.
In addition to chart patterns, the social sentiment surrounding PEPE Coin has been steadily rising. Social dominance has increased from 0.4489% to 0.685% in just 24 hours, signaling a growing interest in the asset. This uptick in social media activity coincides with the price testing its crucial demand zone, reinforcing the potential for a rebound. Furthermore, exchange netflows show consistent outflows, with $24.23M leaving exchanges recently. Fewer tokens entering exchanges could indicate less immediate sell pressure, supporting price stability.
Market Sentiment Aligns with Technical Setup
The combination of rising social dominance and reduced exchange inflows adds further confidence to the technical setup. As the market shows signs of stabilizing, the likelihood of PEPE Coin reaching its upside target of $0.00001500 grows. With the key support holding and sentiment backing the rebound, traders are positioning for a potential breakout.
