Can Pepe Coin Bulls Overcome Key Resistance?
Release: 2024/08/08 01:49 Reading: 960
Pepe Coin (PEPE) is attempting to recover from a low of $0.00000588. The price may continue to rise and test the significant resistance level at $0.0000095.
Pepe Coin's price fell significantly below the $0.0000110 support level and is now trading under a crucial triangle pattern with support at $0.0000095 on the daily chart. Although the price might recover from its losses, it could face challenges around the $0.0000095 level.
Pepe Coin's Recovery Effort Faces Key Resistance Levels
In recent days, Pepe Coin (PEPE) has experienced a steady decline from the $0.0000132 resistance level, especially after Bitcoin and Ethereum dropped below $2,800 and $60,000 respectively. This downturn saw PEPE fall below the $0.0000110 support and the 50-day simple moving average.
The price even dipped below the $0.0000080 support, eventually reaching a low of $0.00000587. Currently, PEPE is making an effort to recover from this low. It has moved above the $0.00000750 resistance zone and surpassed the 23.6% Fibonacci retracement level of the decline from the $0.0000132 high to the $0.00000587 low.
However, several significant hurdles remain. The first key resistance is around $0.0000088, followed by the major resistance at $0.0000095, which is close to the 50% Fibonacci retracement level. A breakthrough above $0.0000095 could lead to further gains, with the next major resistance near the 50-day simple moving average at $0.0000105. A successful close above this level might drive the price toward $0.0000120.
If PEPE manages to overcome these obstacles, the price could potentially climb toward $0.0000132 and possibly surge to $0.0000150.
Pepe Coin Faces Risks If Key Resistance Is Not Cleared
If Pepe Coin (PEPE) fails to break through the $0.0000095 resistance zone, the price may start to decline again. Immediate support is found around $0.0000075, with the first major support level at $0.0000070.
The main support is now near $0.00000588. A drop below this level could lead to a significant decline, with the next key support at $0.0000042 and potential further losses testing $0.0000035.
Overall, PEPE is trying to recover above $0.0000080. If it manages to rise above $0.0000095 and $0.000010, the price could move towards $0.0000120
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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