Most meme coins have dropped to their monthly lows due to a huge sell-off that hit the crypto industry in the past week. Pepe also took its fair share with a 15% loss in a week.
The hype and sentiment surrounding Pepe appeared to have dropped after returning a massive profit some weeks back. Its bullish rally quickly fades away following a series of declines in the past few days.
It managed to stay above the $0.0000015 level for some days now following a quick recovery from a vital $0.000001 psychological level two weeks ago. Although the bearish heat has not completely cooled off yet.
Yesterday’s sudden increase in Bitcoin’s price drove its price up to $0.0000018. But the surges quickly fade due to a slow fallback in the leading coin’s price. The price has dropped to around $0.0000016 at the time of writing with more possibility for drops.
Pepe is still looking for a formidable level to initiate a big price movement for bullish. And if it fails to find that level above the vital psychological level, it may break lower until it finds a base support for a reversal.
As of now, it has not shown any strong signs of recovery to consider an upward movement. The sellers are still present, aiming to claim more lower levels. However, an increase above this week’s high should start to signal a potential leg-up for a short-term rally.
Pepe’s Key Levels To Watch
In case of an increase, the primary resistance level to consider for buying is $0.00000206. If the price advances higher, the next resistance to keep an eye on is $0.0000023 and then $0.00000266.
While Pepe is still in the fall, the closest support levels to keep in mind are $0.00000148 and $0.00000133. Below those levels lie $0.000001 and $0.0000008.
Key Resistance Levels: $0.00000206, $0.0000023, $0.00000266
Key Support Levels: $0.000001482, $0.00000133, $0.000001
- Spot Price: $0.0000016
- Trend: Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
