In the current dip, meme coins are charting the most losses weekly along with Pepe, which has registered a 24% loss so far. It is trading back at a multi-month support zone, where a fresh breakdown could occur.
Following a major retracement to the $0.0000076 low in July, Pepe saw a sudden rejection with a bounce after staying indecisive for a week.
This led to a temporal bullish action but it halted after failing to surpass a multi-week high. It consolidated for days and broke down steadily throughout this week with no signs of a pullback on the daily timeframe.
Pepe’s supply level is currently high and as shown on the price chart, trading is back in a key support zone that produced a bounce last month.
Two things are expected from this support zone: a major breakdown if we consider the new bearish formation from the $0.000013 range weeks back. And if such a scenario comes into play, the $0.000005 level is the price range to watch for the breakdown.
Another thing to consider here is a potential rebound if the support zone if this support zone holds firmly. If that happens, Pepe must reclaim last month’s high before confirming a trend reversal.
The volume indicator has continued to decline, suggesting daily money outflow in the market. A price increase can be expected when Pepe’s volume bar starts to rise back.
PEPE’s Key Levels To Watch
While Pepe is facing July’s low again, the price may break down to the $0.000006 and $0.000004 supports. If those supports fail to hold, the meme coin may crash back to the $0.000002 level in no time.
It has held resistance at the $0.0000108 and $0.0000135 levels. If the price bounced back above these key levels, higher resistance to watch for an increase would be $0.0000158 and $0.000017.
Key Resistance Levels: $0.0000108, $0.0000135, $0.0000158
Key Support Levels: $0.0000076, $0.000006, $0.000004
- Spot Price: $0.0000085
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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