Amid the latest bloodbath, Pepe has lost roughly 38% in the last 24 hours of trading, making it the top loser of the day with a market cap of $780 million. It currently appears to have found temporal support for recovery.
Pepe posted a lot of gains recently, rallying hard by over 1200% in the space of three weeks to reach a peak of $0.0000045. Unfortunately, the meme coin halted the rally last weekend and started to lose momentum.
It saw a steady decline to $0.0000023, recovered to $0.000003 and initiated another drop that saw the price to a daily low of $0.00000154. So far, it has lost almost 50% of its value in just three days of drops.
To some extent, this fallout has relatively provided a discount for the buyers, but the selling pressure appears not finished at the moment.
A continuous drop could cause the price to roll further near the $0.000001 psychological level before it bounces back strongly. For the buyers to fully gain control again, they will have to retake the May 5 resistance level. Failure to do could result in a deeper correction.
Despite the heavy price drops over the last 72 hours, Pepe’s price is still up by a staggering 1000% since it was launched into the market three weeks ago. The April low remains a key defence level for the buyers. If the price drops below it, Pepe could navigate the $0.00000035 level for support.
Pepe’s Key Levels To Watch
Source: Tradingview
In the meantime, the potential support level to keep in kind is $0.000001482. The following support levels to watch next are $0.000001279 and $0.00000109.
If the current daily low holds well, the resistance levels to consider for buying are $0.00000206 and the breakdown level of $0.0000 023 before advancing to $0.00000266 and $0.0000031.
Key Resistance Levels: $0.00000206, $0.0000023, $0.00000266
Key Support Levels: $0.000001482, $0.000001279, $0.00000109
- Spot Price: $0.00000184
- 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.
