Most deflationary tokens have seen a massive fallout in the past few weeks. Pepe, which reached an all-time high – ATH in May has joined other meme coins in the dip as one of the top losers in the last 24 hours.
After Pepe was launched into the market at $0.0000002 in April, the price increased and later jumped by over 2000% to the $0.00000455 level to mark an ATH.
It encountered resistance at that level and started to lose momentum. After dropping consistently for a week, the price plunged to the $0.000001 level in May and established support there. The price bounced and recovered by 100% to $0.000002 in two days.
Unfortunately for the buyers, Pepe initiated a drop and formed a lower low and lower high pattern to the low of $0.0000012 last week. This shows that the bears are still much present and not giving up on price actions.
This last 30 days of trading have seen Pepe lose roughly 70% of its value during this dip. Following a retracement movement to the high of $0.0000015 last week, it initiated another leg-down and dropped to a daily low of $0.0000009.
With the latest drop in Bitcoin’s price, more selling actions can be expected if the price continues to tumble. For buying, there’s no sign of recovery at the moment. From over $1.45 billion earlier last month, Pepe’s market cap has dropped to $400 million at the time of writing.
Pepe’s Key Levels To Watch
While facing down, the main level for a test right now is $0.000000854 if the price drops below the daily low of $0.000000986. It may encounter support at $0.00000062 if a breakdown occurs.
There’s no sign of an increase at the moment. If the price attempts a recovery, the $0.00000109 level would be tested as resistance. A further push could allow recovery towards $0.0000012 and perhaps $0.00000133.
Key Resistance Levels: $0.00000109, $0.0000012, $0.00000133
Key Support Levels: $0.000000986, $0.000000854, $0.00000062
- Spot Price: $0.00000102
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
