Pepe Coin Price Analysis: Bulls Eyeing Fresh Rally
Pepe coin’s price experienced a test of the critical support level at $0.000010. A significant contracting triangle is taking shape with resistance at $0.0000120 on the daily chart. A potential surge in price could occur if the $0.0000120 resistance is overcome.
Pepe coin, which can be read about on CoinChapter.com and Google News, witnessed a dip with bullish activity near $0.0000120. The current price movement indicates a bullish trend that may lead to a new uptrend.
Key Support Holds for Pepe Coin Price
Previous technical analysis of Pepe coin highlighted the importance of the $0.000010 support level. Despite recent bearish pressure due to market conditions affecting major cryptocurrencies like Bitcoin and Ethereum, the bulls showed strength near the crucial support level at $0.000010.
PEPE coin received strong buying interest close to the 50% Fib retracement level of the upward price move from the swing low of $0.00000417 to the high of $0.0000172. However, the price remained below the $0.0000120 pivot level and the 50-day simple moving average (blue).
Currently, the price is showing a 10% increase, with the last two daily candles displaying bullish momentum. The ongoing indicators suggest a potential uptrend if the bulls manage to surpass the 50-day simple moving average (blue).
A significant contracting triangle is forming with resistance at $0.0000120 on the daily chart. A breakout above this resistance level and the 50-day simple moving average could result in a strong upward movement for PEPE coin.
Immediate resistance levels are located near $0.00001220, followed by $0.0000140. Breaking above $0.0000140 could pave the way for a move towards the $0.0000165 resistance. The primary resistance level stands at $0.0000172, beyond which the price might surge towards $0.000020.
Possible Downside Scenarios for Pepe Coin
On the flip side, failure to break the triangle resistance could lead to a downside reaction. The initial support lies at $0.000010 and the triangle trend line. A breach below $0.000010 could push the price towards the next support at $0.00000915.
Further downside movement may find support at $0.00000725, with a break below this level potentially triggering a more significant decline. The subsequent critical support level is at $0.0000060, with further losses possibly testing $0.00000470.
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In conclusion, Pepe coin is showing strong bullish momentum from the $0.000010 support level. A successful reclaim of the 50-day simple moving average could lead to a fresh rally, potentially driving the price towards $0.000015.