Pepe coin (PEPE) has shown significant bullish potential following a fresh increase from the $0.000010 support level. The price broke a major contracting triangle with resistance at $0.0000110 on the daily chart, indicating the possibility of a bullish breakout. If the price manages to clear the $0.00001220 resistance, it could potentially surge by over 20%.
In the recent technical analysis of Pepe coin, it was observed that the bulls were active above the $0.000010 support zone, leading to a push in the price. The price also saw a clear move above the 23.6% Fib retracement level, signaling positive momentum. Currently, the price is up nearly 10% and the last two daily candles have been bullish, unlike Bitcoin. These indicators suggest a high likelihood of further gains.
The first major hurdle for the price on the upside is near $0.00001220 and the 50-day simple moving average. A successful close above this level could pave the way for a fresh surge, potentially taking the price toward the $0.0000155 resistance. If the price manages to break this resistance, it could accelerate even higher.
On the other hand, if the price fails to clear the $0.0000122 resistance zone, it could dip below $0.0000110, with the next major support levels near $0.000010 and $0.00000880. However, if the price continues to decline, a test of $0.00000650 might be in the cards.
In addition to the technical analysis, the recent news of the SEC closing its investigation into Ethereum 2.0 has been celebrated by Pepe’s team, which is seen as a positive development for the entire ecosystem.
Overall, the outlook for PEPE price is bullish, and if the bulls manage to reclaim the 50-DSMA, a fresh rally could be on the horizon, potentially propelling the price toward $0.000015.