Pepe has demonstrated bullish signs following a dramatic 30% increase over the past two weeks. However, it just encountered a crucial resistance and primes to break out of its two-month bearish phase.
Following a breakdown to a low of $0.00000087 this month, Pepe established support there and started to increase. After two weeks of dramatic increase, it tested a descending resistance line and broke slightly to a daily high of $0.00000131.
This high got rejected and the price retraced briefly over the past hours. The setup looks more like a fakeout on the daily chart.
Meanwhile, the two-week lower high movement is considered a retracement of the bearish impulsive movement initiated from the peak of $0.00000175 last December. A daily close above this resistance line should confirm a shift in trend in favour of the bulls.
Considering the latest price rejection, Pepe’s lower low and lower high formation remains intact on the daily. However, the trend has changed in the lower timeframe and the bulls are now taking charge.
Failure to increase well above this resistance line might result in another lower low movement, capable of sending the price to the bottom if last month’s support cracks. But with the look of things, the price is likely to advance higher in the future.
PEPE Key Levels To Watch
An increase above the current daily high could allow more buying towards $0.00000147 by the end of this week. A higher resistance level to watch is $0.00000175.
If the price retraces lower, the closest support levels to consider for a rebound lie at $0.0000012 and $0.00000103. A crack below the holding $0.00000087 support could dip the price to $0.00000087 and $0.00000072 before it bounces back.
Key Resistance Levels: $0.0000013, $0.00000147, $0.00000175
Key Support Levels: $0.0000012, $0.00000103, $0.00000085
- Spot Price: $0.00000125
- 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!