Pepe Coin (PEPE) underwent a test of its critical support level at $0.000010 recently. A pivotal contracting triangle is currently taking shape, showing resistance near $0.0000120 on the daily chart. The potential for a renewed uptrend exists if the price manages to surpass this resistance barrier.
In the latest market update, Pepe Coin experienced a slight downturn but found robust support near the $0.0000120 mark, indicating bullish activity. This resilience suggests a possible surge in prices on the horizon.
Key Support and Technical Indicators
In the previous technical analysis of Pepe Coin, emphasis was placed on the significance of the $0.000010 support level. Despite recent bearish pressures akin to movements seen in Bitcoin and Ethereum, strong bullish reactions occurred near the crucial support of $0.000010.
PEPE garnered considerable buying interest close to the 50% Fibonacci retracement level of its upward movement from the swing low of $0.00000417 to the high of $0.0000172. However, the price remains positioned below the pivotal $0.0000120 level and the 50-day simple moving average (blue line).
Current Developments and Chart Analysis
Presently, the price has surged approximately 10%, with the last two daily candles displaying bullish patterns. These indicators strongly suggest potential for sustained growth if bulls manage to breach the 50-day simple moving average (blue line).
A critical contracting triangle is forming on the daily chart, presenting resistance near the $0.0000120 level. Clearing this triangle resistance and the 50-day simple moving average (blue line) could signify a robust upward trajectory for PEPE.
Near-term Resistance and Support Levels
Immediate resistance is anticipated around the $0.0000122 zone, with significant hurdles at $0.0000140. A breakthrough above $0.0000140 might pave the way for an upward move toward the $0.0000165 resistance. The primary resistance stands at $0.0000172, beyond which further gains could lead the price toward $0.000020.
Potential Downside Scenarios
Conversely, failure to surpass the triangle resistance might trigger a downside reaction. The initial major support lies near the $0.000010 level and the triangle’s trend line. A breach below $0.000010 could direct the price toward the subsequent support at $0.00000915. Further declines might test the $0.00000725 support, with subsequent critical support positioned around $0.0000060. Extended losses could even prompt a test of $0.00000470.
Market Developments and Promotions
In recent news, Binance initiated a promotional campaign where participants can earn cryptocurrencies by sending digital assets to friends and family. This campaign offers a chance to win 100 million $PEPE tokens by sending just $0.01 in crypto.
Conclusion
In summary, Pepe Coin exhibits a resilient bullish sentiment starting from the $0.000010 support level. A successful reclaiming of the 50-day simple moving average could trigger a fresh rally, potentially propelling the price toward $0.000015.