Key Takeaways:

  • Pepe coin price seems to be forming a base above the $0.0000058 support.

  • A key bearish trend line is forming with resistance at $0.000010 on the daily chart.

  • The price could gain bullish momentum if it surpasses the $0.0000095 pivot zone.

Pepe coin (PEPE) is aiming for a fresh increase from $0.00000588. The price might struggle to continue higher above the $0.0000080 and $0.0000095.

Pepe Coin Price Aims Fresh Increase, 50-DSMA Is The Key

In the last few days, Pepe coin formed a base above the $0.0000058 level. The price started a decent recovery wave above the $0.0000070 pivot level. However, the upward move was limited compared to Bitcoin and Ethereum.

The price was able to climb above the 23.6% Fib retracement level of the downward move from the $0.0000132 swing high to the $0.0000058 low.  

Pepe coin price daily chart | Source: PEPE/USD on TradingView.com

There was a move above the $0.00000750 resistance zone. PEPE bulls are showing some signs of strength and might push prices higher in the coming sessions. Immediate resistance is near the $0.000085 level.

The first major resistance is near the $0.0000095 level and the 50-day simple moving average (blue). The 50% Fib retracement level of the downward move from the $0.0000132 swing high to the $0.0000058 low is also near the $0.0000095 level.

The main hurdle is near the $0.000010 level. There is also a key bearish trend line forming with resistance at $0.000010 on the daily chart. A daily close above the trend line could open the doors for a strong increase.

The next key resistance sits near the $0.0000115 level. Any more gains could set the pace for a steady increase toward the $0.000013 level. The main target for the bulls could be near the $0.0000155 level.

Another Decline?

Conversely, PEPE could fail to clear the $0.0000095 level and start a fresh decline. Immediate support is seen near the $0.0000072 level. The first major support is near the $0.0000070 level.

The main support is now near the $0.0000065 zone.  A downside break below the $0.0000065 support might start another major decline. The next key support sits at $0.0000058. Any more losses might call for a test of $0.0000042.

Overall, PEPE price is attempting a recovery wave above $0.0000075. If the bulls push the price above $0.0000085 and $0.0000095, it could send the price toward $0.0000132.

The post Pepe Coin Encounters Resistance: Can It Push for a New Increase? appeared first on CoinChapter.