PEPE Price Outlook is Positive

Tap the avatar to watch live and chat!

The price of Pepe reached an all-time high (ATH) of $0.000028 on December 9 and experienced a 26.6% pullback over the next 9 days. As of Thursday, it re-tested the 50% price retracement level from the November 4 low of $0.000007 to the ATH of $0.000028, reaching $0.000018. This level roughly aligns with the daily support level of $0.000017, making it a key reversal area.

Similar to DOGE, off-exchange investors can accumulate the frog-themed memecoin around the $0.000018 level.

If PEPE rebounds from the $0.000018 level, it may extend a 28% uptrend, re-testing the Monday high of $0.000024.

However, the RSI on the daily chart has fallen below the neutral level of 50, indicating strong bearish momentum. If the bulls indeed make a comeback, the RSI must stay above the neutral level. Such a development would provide momentum for a recovery bounce.

Conversely, if PEPE fails to find support near $0.000018 and closes below $0.000017, it may extend a 6.8% downtrend, re-testing its weekly support level of $0.000016.

Tap the avatar to watch live and chat!