Pepe coin (PEPE) is gaining pace above the $0.0000120 zone. The price is showing positive signs and could rally further above $0.00001320.
Pepe Coin Price Rallies 10%
After forming a base above the $0.0000084 level, Pepe coin started a fresh increase. There was a move above the $0.0000090 and $0.000010 resistance levels. The bulls were able to clear a key bullish flag pattern with resistance at $0.0000102 on the daily chart.
It opened the doors for a move above the 50% Fib retracement level of the downward move from the $0.00001626 swing high to the $0.00000834 low. The price even settled above the $0.000010 level and the 50-day simple moving average (blue).
PEPE is up close to 10% in the past three sessions and it outperformed Bitcoin. The current price action is positive above the 50-day simple moving average (blue) and the $0.0000120 level.
If the bulls remain in action, they could attempt more gains. Immediate resistance is near the $0.0000132 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.00001626 swing high to the $0.00000834 low.
The next key resistance is near the $0.0000144 level. The main resistance is now forming near the $0.0000162 level. If PEPE clears the $0.00001620 and $0.00001650 resistance levels, it could continue to gain pace.
In the stated case, the price could rise and test the $0.00001750 resistance. The next resistance is near the $0.0000180 level. Any more gains could set the pace for a steady increase toward the $0.000020 level.
Are Dips Supported?
If not, Pepe coin could start a downside correction. Immediate support is seen near the $0.0000120 level. The first major support is near the $0.0000110 level and the 50-day simple moving average (blue).
A downside break below the 50-day simple moving average (blue) support might start another steady decline. The next key support sits near the $0.000010 level, where the bulls could emerge. If they fail to protect the stated support, the price could turn bearish again and drop toward $0.00000840.
Overall, PEPE price is showing positive signs above the $0.000010 and $0.000012 levels. If the bulls remain active, the price could start a fresh increase above $0.0000132. If not, the bears could aim for a test of the $0.000010 support.
