Pepe Coin (PEPE) Price On The Verge of Breakout: What Could Ignite New Surge?

Key Takeaways:

• Pepe coin price struggled to clear the $0.00000980 resistance.
• Two key bearish trend lines are forming with resistance at $0.0000080 and $0.0000090 on the daily chart.
• The price could start a fresh surge only if settles above the $0.000010 hurdle.

Pepe coin (PEPE) price is showing bearish signs below $0.0000090. The price might decline heavily if there is a close below $0.0000060.

Pepe Coin Price Nears Key Juncture

After a short-lived recovery wave, Pepe coin struggled to clear the $0.00000980 and $0.000010 resistance levels. A high was formed at $0.00000981 and the price started another decline. There was a steady decline below the $0.0000085 and $0.0000080 levels.

A low was formed at $0.00000630 and the price is now attempting a recovery wave, but momentum is weak compared to Bitcoin. There was a move above the 23.6% Fib retracement level of the downward wave from the $0.00000981 swing high to the $0.00000630 low.

PEPE is now well below the 50-day simple moving average (blue). There are also two key bearish trend lines forming with resistance at $0.0000080 and $0.0000090 on the daily chart.

If there are more upsides, the price might face resistance near the first trend line at $0.0000080. The first key resistance is near the $0.0000085 level and the 50-day simple moving average (blue). It is close to the 61.8% Fib retracement level of the downward wave from the $0.00000981 swing high to the $0.00000630 low.

The next resistance is near the second trend line at $0.0000090. The main hurdle is near the $0.000010 level. A daily close above the second trend line and $0.000010 could open the doors for a strong increase. The next key resistance sits near the $0.0000120 level. Any more gains could set the pace for a steady increase toward the $0.0000132 level.

More Downsides Ahead?

If not, Pepe coin could start another decline. Immediate support is seen near the $0.00000635 level. The first major support is near the $0.0000060 level.

A downside break below the $0.0000060 support might start another major decline. The next key support sits at $0.00000525. Any more losses might call for a test of $0.0000045.

Overall, PEPE price is showing bearish signs below $0.0000090. If the bears push the price below $0.00000635, there could be a sharp slide to $0.00000525 or even $0.0000045.