Pepe Coin (PEPE) Reaches Key Support Zone: A Reversal Incoming?

Pepe coin (PEPE) declined heavily and tested the $0.00001140 support. The price is slowly recovering and might rise 10%-15%.

Pepe Coin Price Revisits Key Support

In the past few days, Pepe coin saw a major decline from well above the $0.000020 pivot level. The price weakened by over 25%, underperforming majors like DOGE, XRP, Bitcoin, and ETH. There was a clear move below the $0.0000162 support zone and the 50-day simple moving average (blue) to enter a bearish zone.

Finally, it tested the key support at $0.00001140 (a multi-touch zone). A low was formed at $0.00001140 and the price is attempting a recovery wave.

PEPE is still well below the 50-day simple moving average (blue) and $0.000015. If there is a decent increase, the bears might be active near the $0.0000135 level. It is close to the 23.6% Fib retracement level of the downward move from the $0.0000210 swing high to the $0.00001140 low.

The first key resistance is near the $0.0000150 level. The main resistance is now forming near the $0.0000162 level and the 50% Fib retracement level of the downward move from the $0.0000210 swing high to the $0.00001140 low.

There is also a connecting bearish trend line forming with resistance at $0.0000172 and the 50-day simple moving average (blue) on the daily chart. If PEPE clears the $0.0000162 and $0.0000172 resistance levels, it could gain bullish momentum.

In the stated case, the price could rise and test the $0.000020 resistance. The next resistance is near the $0.0000210 level. Any more gains could set the pace for a steady increase toward the $0.00002350 level and the 1.618 Fib extension level of the downward move from the $0.0000210 swing high to the $0.00001140 low.

More Losses and Pain?

If not, Pepe coin could continue to move down. Immediate support is seen near the $0.0000120 level. The first major support is near the $0.00001140 level.

A downside break below the $0.00001140 support might start another major decline. The next key support sits near the $0.00000845 level. Any more losses might call for a test of $0.00000620.

Overall, PEPE price is consolidating near the key support at $0.00001140. If the bulls remain active, the price could start a fresh increase above $0.00001350. Conversely, the price could dip further toward $0.00000850 in the coming days.

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