The early month surge in volatility brought more growth in Pepe’s price, but having faced a rejection last week, it seems back on sell mode after witnessing a short bounce. There’s hope for the bulls if they defend well.
Failing to sustain the recent short bounce above the $0.000014 level, Pepe is down following a double-digit loss today. It now appears weak and ready for another drop after posting a loss throughout last week.
While the bias for this meme coin remains positive on a monthly scale, we can expect a rebound if the bulls react strongly to the latest drop in the coming days. Failure to intercept might result in another major dip.
However, the bears are not giving up in their latest quest to reclaim last week’s $0.000012 low. A pull below this low could fuel more losses in the coming days, although they will likely reach an exhaustion point soon as this drop looks more like a pullback from a technical standpoint.
The monthly low is considered a primary support for a breakdown if we consider the new bullish structure in the form of a higher highs and higher lows pattern. If by chance the price drops below this low due to a heavy supply, Pepe must lose $0.0000052 before confirming a bearish move.
Pepe’s Key Levels To Watch
The potential supports to watch for the latest drop are $0.0000127 and $0.0000098. If they fail to provide a rebound, the next key level to keep in mind is $0.00000835.
Reclaiming the $0.0000154 resistance level could restore buying actions back in the market. Breaking it should allow more growth to $0.000018 and the $0.000022 resistance level in the next leg up.
Key Resistance Levels: $0.0000154, $0.000018, $0.000022
Key Support Levels: $0.0000127, $0.0000098, $0.00000835
- Spot Price: $0.0000126
- Trend: Bullish
- Volatility: Low
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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