Losing traction over the past few weeks, Pepe appears to be reaching a crucial support level after shedding over 20% of its value in two weeks. It currently looks weak, but the bulls are likely to come back soon.
The late last month’s downturn has led several other meme coins into a serious correction phase after experiencing a major recovery within the period of a month. Pepe is not left behind as it now slowly approaches a crucial support level, broken as resistance during the early May upsurge.
While it has taken a slight break in the selling due to a minor recovery in the past few hours, there’s still room for more drawdowns on the daily scale. A retest at the mentioned broken resistance could trigger a fresh buy capable of bringing the bulls back on track on the short-term scale.
However, a careful look at the recent price actions suggests that Pepe is still under a correction phase as it maintains a lower low and lower high pattern on the 4-hour timeframe – more drops are expected!
Even though the price manages to rebound, it must reclaim last month’s resistance level before we can consider a bullish continuation pattern of the higher high and higher low pattern initiated in March. Technically, there’s still hope for the bulls from a short-term perspective.
Pepe’s Key Levels To Watch
Source: Tradingview
As Pepe’s correction approaches a key support of 0.0000098, the lower level to watch for a rebound is $0.00000835 in case of a rebound. If the price rolls over, the $0.000007 and $0.000005 levels are lower supports to keep in mind.
Rebounding above the weekly $0.000013 high could allow a recovery to the $0.0000154 resistance before surging to $0.000018 and $0.0000219.
Key Resistance Levels: $0.000013, $0.0000154, $0.000018
Key Support Levels: $0.0000098, $0.00000835, $0.000007
- Spot Price: $0.000011
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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