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
Source: TradingView
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.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
