Amid the latest market recovery, Pepe jumped 30% today and broke out of an important resistance after forming a double-bottom. It encountered resistance but looks prime for a big price movement on the daily chart.
Pepe started recovery in the fourth quarter of the year after losing momentum for months. From the bottom of $0.00000062, the price rose by over 130% to the peak of $0.0000146 in early November and lost steam due to a sudden rejection.
After that, the meme coin went through a small correction and mounted solid support above the $0.000001 level. It formed a bullish pattern there and started to regain strength this month.
It entered this week strong and broke through its November peak to tap $0.000001685 today. That price level got rejected to $0.0000016, but it is most likely to resume buying shortly.
As shown on the daily chart, the price looks strong with potential build-up on the hourly chart. A solid rebound on the 4-hour chart would trigger an extension towards July’s resistance in the near term.
Currently, the bears are off the market. However, if the bulls lose control – causing the price to roll back to last month’s low – the bears may take advantage of that weakness to crash the price back to the bottom.
But with the latest bullish formation, such a bearish scenario is not realistic at the moment. Instead, more positive actions should be expected in the upcoming days.
Pepe’s Key Levels To Watch
Once Pepe flips the current daily high in the next leg up, the potential resistance level to watch is $0.000001885, followed by $0.0000020.
While the $0.00000147 support serves as a pullback level, a breakdown from there could roll the price to the $0.0000012 support and perhaps $0.00001.
Key Resistance Levels: $0.000001685, $0.000001885, $0.0000020
Key Support Levels: $0.00000147, $0.0000012, $0.000001
- Spot Price: $0.0000016
- Trend: Bullish
- 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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