Pepe Coin Weekly Turns Bearish: Can This Key Support Hold?

Key Takeaways:

  • Pepe coin price tumbled below the $0.0000108 support region.
  • It is now testing a key bullish trend line with support at $0.0000080 on the daily chart.
  • The price could extend losses if the bulls fail to protect the $0.00000725 support.
pepe coin
Pepe Coin Consolidates Strong Gains: Presenting a Golden Buying Opportunity

NEW DELHI (CoinChapter.com) — Pepe coin (PEPE) is down over 50% in the past few weeks. The price is signaling a downturn and is struggling to stay above $0.0000080.

Pepe Coin Price Takes Hit as Bulls Lose Control

In the last Pepe coin technical analysis, we discussed the importance of $0.000010. The price struggled to continue higher above $0.0000125 and started another decline like Bitcoin and Dogecoin. There was a sharp decline below the $0.0000108 support region.

The price broke the $0.000010 and $0.0000095 support levels. There was a close below the 50% Fib retracement level of the upward move from the $0.00000417 swing low to the $0.0000172 high.

Pepe coin price daily chart | Source: PEPE/USD on TradingView.com
Pepe coin price daily chart | Source: PEPE/USD on TradingView.com

The price has been down over 50% in the past few weeks and now trading well below the 50-day simple moving average (blue). Pepe coin price is now testing a key bullish trend line with support at $0.0000080 on the daily chart.

The current price action is clearly bearish on the weekly chart and the bulls might struggle to protect the trend line support. If there is a recovery wave, PEPE might face resistance near the $0.000010 level.

The main hurdle seems to be forming near the $0.0000108 region. A successful close above the $0.0000108 barrier could open the doors for a fresh surge. In the stated case, the price could easily drift toward the $0.0000125 level.

If the bulls push the price above the $0.0000125 level, it could set the pace for a move toward the $0.0000142 resistance. The next key resistance is near $0.0000150, above which the price could accelerate higher toward the $0.0000172 level.

More Pain Ahead?

Conversely, Pepe coin could fail to clear the $0.0000108 resistance zone and continue to move down. Immediate support is near the $0.0000080 level. The first major support is near the $0.00000725 level and the 76.4% Fib retracement level of the upward move from the $0.00000417 swing low to the $0.0000172 high.

A downside break below the $0.00000725 support might spark major bearish moves. The next key support sits at $0.0000060. Any more losses might call for a test of $0.00000480.

Overall, PEPE price is trading in a bearish zone below $0.0000108. If the bulls fail to protect $0.000080 and $0.00000725, the price could even tumble toward the $0.0000480 level.

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