Can Pepe Coin Bulls Overcome Key Resistance?

Pepe Coin (PEPE) Makes Recovery Attempt, Facing Key Resistance

Pepe Coin (PEPE) has initiated a recovery from its low of $0.00000588. The price may continue its upward trajectory and test a significant resistance level at $0.0000095.

Price Analysis:

• PEPE has fallen significantly below the $0.0000110 support level.
• It is currently trading within a triangular pattern with support at $0.0000095 on the daily chart.
• Despite potential recovery from losses, resistance at $0.0000095 remains a challenge.

Recovery Effort Encounters Resistance:

In recent days, PEPE has seen a steady decline from the $0.0000132 resistance level, fueled by the drop in Bitcoin and Ethereum prices. The downtrend has pushed PEPE below the $0.0000110 support and the 50-day simple moving average.

The price briefly dipped below $0.0000080 support, reaching a low of $0.00000587. However, PEPE is now attempting to recoup these losses.

Key Resistance Levels:

Significant hurdles lie ahead for PEPE. The first resistance is encountered around $0.0000088, followed by a major barrier at $0.0000095, which aligns with the 50% Fibonacci retracement level.

Breaking above $0.0000095 could trigger further gains, with the next major resistance at the 50-day simple moving average ($0.0000105). Closing above this level would open the path towards $0.0000120.

Risks of Resistance Failure:

If PEPE fails to overcome the $0.0000095 resistance zone, the price may resume its decline. Immediate support is found at $0.0000075, with the first major support level at $0.0000070.

However, the critical support is now located near $0.00000588. A drop below this level could lead to a significant downturn, with key support at $0.0000042 and potential losses towards $0.0000035.

Disclaimer:

This article provides information only and should not be construed as financial advice.