Key Takeaways:

  • Pepe coin price started a downside correction below the $0.0000130 zone.

  • There was a break below a key bullish trend line with support at $0.0000120 on the daily chart.

  • The price could consolidate near $0.0000105 before the next move higher.

Pepe Coin Consolidates Strong Gains: Presenting a Golden Buying Opportunity Read CoinChapter.com on Google News

NEW DELHI (CoinChapter.com) — Pepe coin (PEPE) failed to continue higher above $0.0000172 and corrected gains. The price is now approaching a key support at $0.000010.

Pepe coin Price Dips Again

This past month, we saw a steady increase in Pepe coin prices above $0.000010. It outperformed Bitcoin and Ethereum. There was a clear move above the $0.0000150 resistance and the price settled well above the 50-day simple moving average (blue).

The price traded to a new multi-month high at $0.0000172 and recently started a downside correction. There was a move below the $0.0000150 and $0.0000140 support levels. PEPE dipped below the 23.6% Fib retracement level of the upward wave from the $0.00000417 swing low to the $0.0000172 high.

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

More importantly, Pepe coin traded below a key bullish trend line with support at $0.0000120 on the daily chart. The price is now approaching a major support near the 50-day simple moving average (blue). It is close to the 50% Fib retracement level of the upward wave from the $0.00000417 swing low to the $0.0000172 high.

If the price remains stable above the $0.000010 support zone, it could start a fresh increase. Immediate resistance is seen near the $0.0000125 zone. The first major resistance is near the $0.0000132.

A close above the $0.0000132 level could set the pace for a move toward the $0.0000150 resistance. The main resistance is now near $0.0000172. A daily close above the $0.0000172 resistance zone could open the doors for a move toward the $0.000020 level.

More Losses Before Fresh Increase?

Conversely, Pepe coin might extend losses. The first major support is near the $0.000010 level and the 50-day SMA. A downside break below the $0.000010 support might send the price toward the next support at $0.0000080.

There is also a major bullish trend line in place on the same chart with support at $0.0000080. A downside break below the $0.0000080 support might spark a larger decline. The next key support sits near $0.0000062. Any more losses might call for a test of $0.00000470.

Overall, PEPE price is holding gains above the 50-day simple moving average (blue). It seems like there could be a consolidation phase before the next move toward the $0.0000172 level.

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