Pepe coin (PEPE) started a fresh increase above the $0.000010 resistance. The price is consolidating and might soon break higher above $0.000015.
Pepe Coin Price Signals Fresh Gains
In the past few days, Pepe coin saw a decent increase from the $0.0000080 support zone, like Bitcoin and Ethereum. The bulls were able to pump the price above the key barrier at $0.000010, opening the doors for more gains. There was a clear move above the 23.6% Fib retracement level of the downward move from the $0.00002847 swing high to the $0.00000528 low.
More importantly, PEPE settled above the $0.0000120 pivot level and the 50-day simple moving average (blue). However, the bears are now protecting the $0.0000150 resistance.
PEPE is now consolidating above the $0.0000120 pivot level and seems to be forming a bullish flag pattern with resistance at $0.0000140 on the daily chart.
The current price action is positive and suggests that the price could soon aim for another increase after it completes the current consolidation pattern. On the upside, immediate resistance is near the flag resistance at $0.0000140.
The first key resistance is near the $0.0000150 level. The main resistance is now forming near the $0.00001688 level and the 50% Fib retracement level of the downward move from the $0.00002847 swing high to the $0.00000528 low.
If PEPE clears the $0.00001688 and $0.0000170 resistance levels, it could gain bullish momentum. In the stated case, the price could rise and test the $0.00001960 resistance. The next resistance is near the $0.0000230 level. Any more gains could set the pace for a steady increase toward the $0.0000250 level.
Are Dips Limited?
If not, Pepe coin could correct some gains. Immediate support is seen near the $0.0000120 level. The first major support is near the $0.00001080 level and the flag’s lower trend line.
A downside break below the $0.00001080 support might start another steady decline. The next key support sits near the $0.0000930 level and the 50-day simple moving average (blue), where the bulls could emerge. If they fail to protect the 50-day simple moving average (blue), the price could turn bearish again and drop toward $0.00000650.
Overall, PEPE price is showing positive signs above the $0.000010 and $0.0000120 levels. If the bulls remain active, the price could start a fresh increase above $0.0000150. If there is a downside correction, the $0.00000930 support is the key.
