Pepe Coin has experienced a significant surge in price, increasing by over 100% in recent days and reaching a testing point of $0.0000172. On the daily chart, there was a breakthrough of a crucial rising channel with resistance at $0.0000135. Before the next upward movement, the price may consolidate near $0.0000145.
Pepe Coin Consolidates Strong Gains: Offering an Opportune Moment to Buy
Pepe Coin (PEPE) has seen a rally of over 100% and has successfully surpassed numerous obstacles around $0.000014. Currently, the price is consolidating its gains and has its sights set on further advancements.
Pepe Coin Price Holds Steady for Additional Gains
In our previous analysis, we discussed Pepe Coin’s rally and its testing of a significant resistance at $0.0000118. Although there was a slight pullback, the bulls remained active above the $0.0000080 support and the 50-day simple moving average (blue line).
As a result, there was a fresh surge, leading to a price rally of over 100% that outperformed Bitcoin and Ethereum. The price clearly surpassed the $0.0000118 and $0.000020 resistance levels. Additionally, there was a breakthrough of a key rising channel with resistance at $0.0000135 on the daily chart.
The bulls even pushed the price above $0.0000150, reaching a new high at $0.0000172. During this recent surge, Pepe Coin even surpassed MATIC in market capitalization and rose to the 18th spot.
Currently, the price is consolidating its gains and displaying signs of a minor downward correction. Immediate support can be found near the $0.0000150 level. The first major support lies around the $0.0000145 zone, which coincides with the same channel resistance (now acting as support). This level aligns with the 23.6% Fibonacci retracement level of the upward movement from the $0.00000514 swing low to the $0.0000172 high.
If the $0.0000145 support is breached, it could trigger a more substantial downward correction. The next crucial support level is around $0.000012 or the 50% Fibonacci retracement level of the upward movement from the $0.00000514 swing low to the $0.0000172 high.
A close below the $0.000012 support level could initiate significant bearish movements and lead to a larger decline. In this scenario, the price may decline towards the $0.0000080 support level and the 50-day simple moving average (blue line).
Another Surge on the Horizon?
Conversely, PEPE could experience another increase starting from $0.0000150 or $0.0000145. Immediate resistance is anticipated near the $0.0000165 zone, with the first major resistance lying around $0.0000172.
If the $0.0000172 level is surpassed, it could pave the way for a move towards the $0.0000188 resistance level. The main resistance level now stands near $0.000020. A daily close above this resistance zone could open doors for further advances towards the $0.000025 level.
Overall, the PEPE price is maintaining its gains above the 50-day simple moving average (blue line). It appears that the bulls are not finished yet and may have their sights set on further upsides beyond the $0.0000172 level.
