Key Takeaways:
- Pepe coin price started a downside correction below the $0.0000130 zone.
- There was a break below a key bullish trend line with support at $0.0000120 on the daily chart.
- The price could consolidate near $0.0000105 before the next move higher.
NEW DELHI (CoinChapter.com) — Pepe coin (PEPE) failed to continue higher above $0.0000172 and corrected gains. The price is now approaching a key support at $0.000010.
Pepe coin Price Dips Again
This past month, we saw a steady increase in Pepe coin prices above $0.000010. It outperformed Bitcoin and Ethereum. There was a clear move above the $0.0000150 resistance and the price settled well above the 50-day simple moving average (blue).
The price traded to a new multi-month high at $0.0000172 and recently started a downside correction. There was a move below the $0.0000150 and $0.0000140 support levels. PEPE dipped below the 23.6% Fib retracement level of the upward wave from the $0.00000417 swing low to the $0.0000172 high.
More importantly, Pepe coin traded below a key bullish trend line with support at $0.0000120 on the daily chart. The price is now approaching a major support near the 50-day simple moving average (blue). It is close to the 50% Fib retracement level of the upward wave from the $0.00000417 swing low to the $0.0000172 high.
If the price remains stable above the $0.000010 support zone, it could start a fresh increase. Immediate resistance is seen near the $0.0000125 zone. The first major resistance is near the $0.0000132.
A close above the $0.0000132 level could set the pace for a move toward the $0.0000150 resistance. The main resistance is now near $0.0000172. A daily close above the $0.0000172 resistance zone could open the doors for a move toward the $0.000020 level.
More Losses Before Fresh Increase?
Conversely, Pepe coin might extend losses. The first major support is near the $0.000010 level and the 50-day SMA. A downside break below the $0.000010 support might send the price toward the next support at $0.0000080.
There is also a major bullish trend line in place on the same chart with support at $0.0000080. A downside break below the $0.0000080 support might spark a larger decline. The next key support sits near $0.0000062. Any more losses might call for a test of $0.00000470.
Overall, PEPE price is holding gains above the 50-day simple moving average (blue). It seems like there could be a consolidation phase before the next move toward the $0.0000172 level.
