Pepe Coin Rally Potential: Key Support Levels Could Be Decisive

Key Takeaways:

• Pepe coin price tested the key support at $0.000010.
• A crucial contracting triangle is forming with resistance at $0.0000120 on the daily chart.
• The price could start a fresh surge if it clears the $0.0000120 resistance.

NEW DELHI (CoinChapter.com) — Pepe coin (PEPE) dipped further but the bulls were active near $0.0000120. The price is showing bullish signs and might aim for a fresh rally.

Pepe coin Price Holds Key Support

In the last Pepe coin technical analysis, we discussed the importance of the $0.000010 support. The bears were active recently and the price faced another decline like Bitcoin and Ethereum. However, the bulls were active near the main support at $0.000010.

PEPE found strong bids near the 50% Fib retracement level of the upward move from the $0.00000417 swing low to the $0.0000172 high. On the other hand, the price settled below the $0.0000120 pivot level and the 50-day simple moving average (blue).

Today, the price is up nearly 10% and the last two daily candles were bullish. The current signs suggest high chances of a steady increase if the bulls can clear the 50-day simple moving average (blue).

There is also a crucial contracting triangle forming with resistance at $0.0000120 on the daily chart. If PEPE bulls clear the triangle resistance and the 50-day simple moving average (blue), there could be a strong upward trend.

Immediate resistance is seen near the $0.00001220 zone. The first major resistance is near the $0.0000140. A close above the $0.0000140 level could set the pace for a move toward the $0.0000165 resistance. The main resistance is now near $0.0000172, above which the price could accelerate higher toward the $0.000020 level.

More Downsides?

Conversely, Pepe coin could fail to clear the triangle resistance and react to the downside. The first major support is near the $0.000010 level and the triangle trend line. A downside break below the $0.000010 support might send the price toward the next support at $0.00000915.

The next key support sits at $0.00000725. A downside break below the $0.00000725 support might spark a larger decline. The next key support sits near $0.0000060. Any more losses might call for a test of $0.00000470.

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Overall, the PEPE price is signaling a strong bullish reaction from $0.000010. If the bulls reclaim the 50-DSMA, there could be a fresh rally, and the price might climb to $0.000015.

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