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Over the past month, Pepe has experienced consecutive declines, with the Tuesday decline temporarily coming to an end. After a significant rebound from recent lows, Pepe's bearish trend has seen a correction, with strong daily performance.
Looking back, Pepe has suffered heavy losses in the past few weeks, breaking through multiple support levels and hitting a yearly low of $0.0000052 on Tuesday. Previously, Pepe had plummeted from $0.0000089.
Fortunately, after being intercepted, the bulls maintained support at the lows, and the price rebounded. They reiterated their actions yesterday, successfully closing the price above $0.000007 with a bullish engulfing candle. This indicates strong trading volume in the past 48 hours, and we can see that despite a slight decline, the day's price looks strong.
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If the market continues to strengthen, Pepe may retest the monthly high, which saw selling earlier this month. Breaking above this high could trigger a pullback to $0.000014, followed by a decline.
Sustained breaks below this high could lead to further declines, with prices potentially falling to new yearly lows. Although it has not yet attracted the attention of bears, it has steadily rebounded since Tuesday, currently leading the daily gains among Altcoins.
Key Pepe Levels to Watch
To the upside, the bulls' immediate obstacle is $0.000089 - the monthly high. A successful break above this level should drive prices to $0.0000114 and $0.0000147 during the retracement phase.
If the meme coin loses control, there is minor support at $0.0000065, while $0.00000526 is the support. Breaks below these supports could see prices fall to $0.0000046 and $0.00000393 - both from the April 2024 lows.
Key Resistance: $0.0000089, $0.0000114, $0.0000147
Key Support: $0.00000526, $0.0000046, $0.00000393
- Spot Price: $0.0000071
- Trend: Bearish
- Volatility: High
