Key Takeaways:
Pepe coin price struggled to clear the $0.00000955 resistance.
A major bearish trend line is forming with resistance at $0.000010 on the daily chart.
The Pepe crypto price is now at risk of more downsides unless there is a close above $0.000010.
Pepe coin (PEPE) is showing bearish signs below $0.0000095. The price could gain bearish momentum if there is a close below $0.0000070.
Pepe Coin Price Faces Uphill Task
This past week, Pepe coin formed a base above the $0.0000070 level. The price started a decent recovery wave above the $0.0000080 level like Bitcoin and Ethereum. The bulls were able to push the price above the $0.0000085 resistance.
However, the bears remained active near the $0.00000955 level. It failed to clear the 50% Fib retracement level of the downward wave from the $0.0000132 swing high to the $0.0000058 low. The bears defended the 50-day simple moving average (blue).
Pepe coin price daily chart | Source: PEPE/USD on TradingView.com
PEPE crypto started another decline from the $0.00000955 resistance. There was a drop below the $0.0000084 support and a short-term contracting triangle on the daily chart.
The current price action suggests that the bears are in control and might aim for more downsides. 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 $0.0000060 zone. A downside break below the $0.0000060 support might start another major decline. The next key support sits at $0.00000525. Any more losses might call for a test of $0.0000045.
Another Recovery Attempt?
Conversely, Pepe coin price could attempt another increase. Immediate resistance is near the $0.0000084 level. The first major resistance is near the $0.0000095 level and the 50-day simple moving average (blue).
The main hurdle is near the $0.000010 level. There is also a major bearish trend line forming with resistance at $0.000010 on the same chart. It is close to the 61.8% Fib retracement level of the downward wave from the $0.0000132 swing high to the $0.0000058 low.
A daily close above the trend line could open the doors for a strong increase. The next key resistance sits near the $0.0000120 level. Any more gains could set the pace for a steady increase toward the $0.0000132 level. The main target for the bulls could be near the $0.0000145 level.
Overall, PEPE crypto price is showing bearish signs below $0.0000095. If the bears push the price below $0.0000070, there could be a sharp slide to $0.0000060 or even $0.0000058.
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