Pepe coin (PEPE) is recovering higher from the $0.00000840 zone. The price is showing positive signs but faces a major barrier at $0.0000120.
Pepe Coin Price Eyes Key Upside Break
After facing rejection at $0.0000162, Pepe coin saw a steady decline. There was a move below the $0.0000150 and $0.0000120 levels. PEPE even declined below the $0.000010 level and underperformed Bitcoin before the bears appeared.
A low was formed at $0.00000834 and the price is now correcting some losses. The price climbed above the $0.0000090 and $0.000010 resistance levels. It even tested the 23.6% Fib retracement level of the downward move from the $0.00001626 swing high to the $0.00000834 low.
PEPE is now showing a few bullish signs above the $0.000010 level, but it is still well below the 50-day simple moving average (blue). It seems like there is a declining channel or a possible bullish flag pattern forming with resistance at $0.0000112 on the daily chart.
If the bulls remain in action, they could attempt an upside break. Immediate resistance is near the $0.0000110 level. The first key resistance is near the $0.0000112 level.
The main resistance is now forming near the $0.0000120 level and the 50-day simple moving average (blue). The next resistance could be near the 50% Fib retracement level of the downward move from the $0.00001626 swing high to the $0.00000834 low at the $0.0000123 level.
If PEPE clears the $0.0000120 and $0.0000123 resistance levels, it could gain bullish momentum. In the stated case, the price could rise and test the $0.00001440 resistance. The next resistance is near the $0.00001620 level. Any more gains could set the pace for a steady increase toward the $0.000020 level.
Another Decline Before Reversal?
If not, Pepe coin could extend losses. Immediate support is seen near the $0.0000090 level. The first major support is near the $0.00000840 level.
A downside break below the $0.00000840 support might start another steady decline. The next key support sits near the $0.0000070 level and the channels’ lower trend line, where the bulls could emerge. If they fail to protect the stated support, the price could turn bearish again and drop toward $0.0000050.
Overall, PEPE price is showing positive signs above the $0.0000090 and $0.000010 levels. If the bulls remain active, the price could start a fresh increase above $0.000012. If not, the bears could aim for a test of the $0.0000070 support.
