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06/11/2024

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Pepe Coin Price Support: Setting the Stage for a Rebound?

Pepe coin (PEPE) recently couldn't sustain its momentum above $0.0000172 and has since experienced a decline. Currently, the price is nearing an important support level at $0.000010.

Pepe Coin Price Support: Setting the Stage for a Rebound?

Pepe coin (PEPE) recently couldn’t sustain its momentum above $0.0000172 and has since experienced a decline. Currently, the price is nearing an important support level at $0.000010.

Pepe coin (PEPE) began a downward correction after falling below the $0.0000130 mark. On the daily chart, a crucial bullish trend line at $0.0000120 was breached, indicating a shift in momentum. Currently, the price is expected to consolidate around $0.0000105 before potentially resuming its upward movement.

Pepe Coin Price Analysis: Recent Trends and Outlook

Over the past month, Pepe coin (PEPE) has shown impressive performance, surpassing Bitcoin and Ethereum in price gains. The coin experienced a steady rise above the $0.000010 mark, notably breaching the $0.0000150 resistance level and maintaining a position well above the 50-day simple moving average (blue line).

Pepe coin reached a new multi-month high at $0.0000172 before initiating a recent correction. This correction saw the price dipping below key support levels at $0.0000150 and $0.0000140. Additionally, it fell below the 23.6% Fibonacci retracement level of the upward movement from the $0.00000417 swing low to the $0.0000172 high.

Of significance, the coin also broke below a significant bullish trend line with support at $0.0000120 on the daily chart. Currently, Pepe coin is approaching a critical support zone near the 50-day simple moving average (blue line), close to the 50% Fibonacci retracement level of the aforementioned upward wave.

Looking ahead, if Pepe coin holds above the $0.000010 support level, it could potentially initiate another upward move. Immediate resistance levels to watch include around $0.0000125, with the first major resistance at $0.0000132.

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

A breakout above $0.0000132 could pave the way for a retest of the $0.0000150 resistance. The primary resistance now stands at $0.0000172. A daily close above this level might signal further gains towards the $0.000020 mark.

Investors and traders will closely monitor these levels for indications of Pepe coin’s future price movements amid its recent volatility and potential for recovery.

Pepe Coin Price Forecast: Potential Support and Resistance Levels

Pepe coin (PEPE) faces potential downside risks amid recent market movements. The coin’s first significant support level stands near $0.000010, aligned with the 50-day Simple Moving Average (SMA). A breach below this support could lead to further declines towards the next support at $0.0000080.

On the daily chart, there is a crucial bullish trend line also supporting the price at $0.0000080. A break below this trend line might trigger a more substantial downturn, potentially testing the next key support level at $0.0000062. Further losses could extend towards $0.00000470.

Despite the downside risks, Pepe coin currently maintains its position above the 50-day SMA, indicating ongoing support and potential for stability. The price may consolidate around current levels before attempting another move towards the recent high at $0.0000172.

Traders and investors will closely monitor these support and resistance levels to gauge Pepe coin’s next potential movements amidst market volatility and price fluctuations.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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