Pepecoin Fumbles At The Finish Line After 50% Surge: Should Trades Be Worried?

Key Takeaways:

• Pepecoin price gained over 50% in the last few days and retested the main barrier at $0.0000118.
• There is a key bullish trend line forming with support at $0.00000670 on the daily chart.
• The price could form a triple-top pattern if it trades below the 50-day simple moving average (blue) and $0.00000670.

NEW DELHI (CoinChapter.com) — Pepecoin (PEPE) rallied over 50% and retested the $0.0000118 resistance. However, the price failed to continue higher and is now showing rejection signs.

Pepecoin Price Faces Rejection

In the last analysis, we discussed how Pepecoin could rally again above the $0.0000090 resistance. The price gained strength and settled above the $0.000010 resistance. It rallied over 50% in a week and retested the key barrier at $0.0000118, outperforming Bitcoin.

However, the bulls failed again to clear the $0.0000118 resistance. A high was formed at $0.00001173, and the price is now correcting gains. There was a move below the $0.000010 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.00000514 swing low to the $0.00001173 high.

It seems like Pepecoin is forming a triple-top pattern. However, the bears need to do a lot of hard work to get the pattern completed. Immediate support is near the $0.00000850 level.

The first major support is near the $0.00000765 zone and the 50-day simple moving average (blue). It is close to the 61.8% Fib retracement level of the upward move from the $0.00000514 swing low to the $0.00001173 high.

The next key support is near $0.00000670. On the daily chart, a key bullish trend line is also forming with support at $0.00000670. A close below this support might spark heavy bearish moves and initiate a larger decline. In this case, the price might decline toward the $0.00000480 support.

Another Increase In PEPE?

Conversely, Pepecoin (PEPE) might start another increase from $0.000085 or $0.0000765. Immediate resistance is seen near the $0.000010 zone, and the first major resistance is near $0.0000105.

A close above the $0.0000105 level could set the pace for a move toward the $0.0000112 resistance. The main resistance is still near $0.0000118. A daily close above the $0.0000118 resistance zone could open the doors for a move toward the $0.0000125 level.

Overall, the PEPE price is showing a few worrying signs below $0.000010. If it fails to stay above the 50-day simple moving average (blue), it could decline heavily toward the $0.00000480 level.