Key Takeaways:
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.
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.
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.
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