Pepe Coin Bulls Face Key Resistance: Will They Break Through?

Key Takeaways:

• Pepe coin price declined heavily below the $0.0000110 support.
• It traded below a key contracting triangle with support at $0.0000095 on the daily chart.
• The price could correct losses but might struggle near the $0.0000095 pivot zone.

NEW DELHI (CoinChapter.com) — Pepe coin (PEPE) is attempting a recovery wave from $0.00000588. The price might extend recovery and test the key hurdle at $0.0000095.

Pepe Coin Price Signals Bearish Break Below 50-DSMA

In the last few days, Pepe coin saw a steady decline from the $0.0000132 resistance level. The decline gained pace after Bitcoin and Ethereum tumbled below $2,800 and $60,000 respectively. The price dived below the $0.0000110 support and the 50-day simple moving average (blue).

PEPE even declined below the $0.0000080 support. Finally, it tested the $0.00000588 zone. A low was formed at $0.00000587 and the price is now attempting a recovery wave.

There was a move above the $0.00000750 resistance zone. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $0.0000132 swing high to the $0.00000587 low.

However, there are many important hurdles on the upside starting with $0.0000088. The first major resistance on the upside sits at $0.0000095 (the recent breakdown zone). It is close to the 50% Fib retracement level of the downward move from the $0.0000132 swing high to the $0.00000587 low.

If the price clears the $0.0000095 resistance, it could continue to move up. The next key resistance could be near the 50-day simple moving average (blue) at $0.0000105. A successful close above the $0.0000105 resistance zone could open the doors for more upsides.

In the stated case, PEPE price could rally toward the $0.0000120 level. The next key resistance is near $0.0000132, above which the price could accelerate higher toward the $0.0000150 level.

Another Decline?

Conversely, Pepe coin could fail to clear the $0.0000095 resistance zone. In the stated case, the price could start a fresh decline. Immediate support is seen near the $0.0000075 level. The first major support is near the $0.0000070 level.

The main support is now near the $0.00000588 zone.  A downside break below the $0.00000588 support might start another major decline. The next key support sits at $0.0000042. Any more losses might call for a test of $0.0000035.

Overall, PEPE price is attempting a recovery wave above $0.0000080. If the bulls push the price above $0.0000095 and $0.000010, it could send the price toward $0.0000120.

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