Tuesday marked a temporal halt in Pepe’s bearish move after witnessing a back-to-back drop in the past month. Following a notable surge from its recent low, it appeared strong daily while undergoing a retracement.
Looking back, Pepe has shed a lot of loss in the past weeks as the price broke through several support levels to reach a year low of $0.0000052 on Tuesday. This came following a recent dump from $0.0000089.
Luckily for the bulls, the low level held as support after an interception and the price bounced back. Reiterating actions yesterday, they managed to close the price an inch above $0.000007 with an engulfing bullish bar. This indicates strong volume inflow in the last 48 hours, and as we can see, the price looks strong on the day despite seeing a slight rejection.
If the market further shows strength, Pepe may retest the monthly high, where it initiated a dump earlier this month. Scaling through this high could activate a retracement towards $0.000014 before rolling back.
A continuous rejection under this high could result in another leg down, capable of dipping the price to a new yearly low. While it remains under the bears’ radar, it currently leads the daily altcoins gains following a steady recovery since Tuesday.
Pepe’s Key Levels To Watch
Source: Tradingview
Pushing higher, the immediate hurdles for the bulls lie at $0.000089 – marked at the monthly high. A successful surge above it should send the price to $0.0000114 and $0.0000147 in a retracement phase.
If the meme coin loses grip, there’s minor support at $0.0000065, while $0.00000526 stands as support. Rolling over these supports could slip the price to $0.0000046 and $0.00000393 – all drawn from April 2024 lows.
Key Resistance Levels: $0.0000089, $0.0000114, $0.0000147
Key Support Levels: $0.00000526, $0.0000046, $0.00000393
- Spot Price: $0.0000071
- 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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