Key Takeaways:
- Pepe coin price gained over 100% in the last few days and tested the $0.0000172 zone.
- There was a break above a key rising channel with resistance at $0.0000135 on the daily chart.
- The price could consolidate near $0.0000145 before the next move higher.
NEW DELHI (CoinChapter.com) — Pepe coin (PEPE) rallied over 100% and broke many hurdles near $0.000014. The price is now consolidating gains and eyeing more gains.
Pepe coin Price Remains Supported for More Gains
In the last analysis, we discussed how Pepe coin rallied and tested an important resistance at $0.0000118. There was a minor pullback in PEPE, but the bulls were active above the $0.0000080 support and the 50-day simple moving average (blue).
As a result, there was a fresh increase and the price rallied over 100%, outperforming Bitcoin and Ethereum. There was a clear move above the $0.0000118 and $0.000020 resistance levels. Besides, there was a break above a key rising channel with resistance at $0.0000135 on the daily chart.
The bulls even pumped the price above $0.0000150. The price traded to a new high at $0.0000172. During the recent surge, Pepe even flipped MATIC in market cap and jumped to the 18th spot.
The price is now consolidating gains and showing some signs of a minor downside correction. Immediate support is near the $0.0000150 level. The first major support is near the $0.0000145 zone and the same channel resistance (now support). It coincides with the 23.6% Fib retracement level of the upward move from the $0.00000514 swing low to the $0.0000172 high.
A downside break below the $0.0000145 support might spark a larger downside correction. The next key support sits near $0.000012 or the 50% Fib retracement level of the upward move from the $0.00000514 swing low to the $0.0000172 high.
A close below the $0.000012 support might spark heavy bearish moves and could initiate a larger decline. In the stated case, the price might decline toward the $0.0000080 support and the 50-day simple moving average (blue).
Another Surge?
Conversely, PEPE might start another increase from $0.0000150 or $0.0000145. Immediate resistance is seen near the $0.0000165 zone. The first major resistance is near the $0.0000172.
A close above the $0.0000172 level could set the pace for a move toward the $0.0000188 resistance. The main resistance is now near $0.000020. A daily close above the $0.000020 resistance zone could open the doors for a move toward the $0.000025 level.
Overall, PEPE price is holding gains above the 50-day simple moving average (blue). It seems like the bulls are not done yet and they might aim for more upsides above the $0.0000172 level.
