Pepe’s bears continued to mount pressure as the supply level increased on the day. While this has resulted in over 20% drops in a week, larger losses can be expected if the price dips below the current key trading level.
Ending last month on a bearish note, Pepe traded back to a key support level of $0.00001 after breaking lower this month, and as we can see, it is now sitting well above it following a consistent decline over the past week.
As shown on the daily chart, the supply level seems high, and from the look of things, the bears are much more likely to sustain pressure in the next few days. A drop off above the support level could bring us back into the $0.000008 range, flipped during early last month’s upsurge.
Failure to hold as support could dip the price to the same monthly low before taking a slight break in selling. However, it is important to note that there’s still room for an extension even if the May low fails to hold well.
Currently, the bulls are nowhere to be found as they continue to suffer in the face of the dip. If they manage to defend the holding support level well, we can expect a bounce back. Considering the trending negative sentiments, more bearish moves can be expected in the next few days.
Pepe’s Key Levels To Watch
While facing support, the next target for the bears is the $0.00000835 level. There’s a monthly support of $0.0000076. Losing it could slip the price back to $0.000006 and $0.0000053, where the market initiated a recovery in April.
There are currently no signs of the bulls in the market. If they step back, the potential resistance level for a rebound is $0.00001. Higher levels to watch for tests are $0.000013, $0.0000154 and $0.000018 in case of more pushes.
Key Resistance Levels: $0.000013, $0.0000154, $0.000018
Key Support Levels: $0.0000098, $0.00000835, $0.000007
- Spot Price: $0.00001
- 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.
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