Key Takeaways:
- Pepe coin price started a fresh increase from the $0.000010 support.
- It broke a major contracting triangle with resistance at $0.0000110 on the daily chart.
- The price could gain bullish momentum if it clears the $0.00001220 resistance.
NEW DELHI (CoinChapter.com) — Pepe coin (PEPE) is signaling a major bullish breakout from $0.000010. If the price closes above the $0.00001220 barrier, it could surge over 20%.
Pepe coin Price Eyes Fresh Surge
In the last Pepe coin technical analysis, we discussed a couple of important support levels near $0.000010. The bulls were active above the $0.000010 zone, and they were able to push the price higher. There were a couple of spikes near $0.000010 and the price recently reacted to the upside.
The price broke a major contracting triangle with resistance at $0.0000110 on the daily chart. There was a clear move above the 23.6% Fib retracement level of the downward move from the $0.0000172 swing high to the $0.00000977 low.
Today, the price is up nearly 10% and the last two daily candles were bullish, unlike Bitcoin. The current signs suggest a high chance of more upsides. The first major hurdle on the upside sits near $0.00001220 and the 50-day simple moving average (blue).
A successful close above the 50-day simple moving average (blue) could open the doors for a fresh surge. In the stated case, PEPE price could easily drift toward the 50% Fib retracement level of the downward move from the $0.0000172 swing high to the $0.00000977 low at $0.0000135.
A close above the $0.0000135 level could set the pace for a move toward the $0.0000155 resistance. The next key resistance is near $0.0000165, above which the price could accelerate higher toward the $0.0000172 level.
Another Decline?
Conversely, Pepe coin could fail to clear the $0.0000122 resistance zone and the 50-day simple moving average (blue). In the stated case, the price could again dip below $0.0000110.
The first major support is near the $0.000010 level and the triangle’s lower trend line. A downside break below the $0.000010 support might spark short-term bearish moves. The next key support sits at $0.00000880. A downside break below the $0.00000880 support might spark a larger decline. The next key support sits near $0.00000720. Any more losses might call for a test of $0.00000650.
This past week, Pepe’s team celebrated Ethereum’s win as the SEC closed its investigation into Ethereum 2.0. This is positive for not only ETH but also for its ecosystem.
Overall, PEPE price is signaling a strong bullish reaction from $0.000010. If the bulls reclaim the 50-DSMA, there could be a fresh rally and the price might climb toward $0.000015.
