Pepe Coin Soars 30%: What Challenges Lie Ahead for Further Gains?

Key Takeaways:

• Pepe coin price started a fresh increase from the $0.00000765 support.
• It broke a major contracting triangle with resistance at $0.0000110 on the daily chart.
• The price is up 30% and might accelerate higher toward the $0.0000135 resistance.

NEW DELHI (CoinChapter.com) — Pepe coin (PEPE) is signaling a major bullish breakout above $0.0000110. The price could extend gains if it surpasses the $0.00001350 hurdle.

Pepe Coin Price Starts Fresh Rally and Eyes More Upsides

After a steady decline, Pepe coin found support near the $0.00000765 support zone. A low was formed at $0.00000768 and the price recently started a fresh increase like Bitcoin, Ethereum, and XRP. The bulls were able to clear many hurdles near $0.000010 to push the price into a positive zone.

There was a clear move above the $0.0000110 and $0.0000115 resistance levels. More importantly, PEPE broke a major contracting triangle with resistance at $0.0000110 on the daily chart.

The price is up 30% in a day and trading above the 50-day simple moving average (blue). It is now testing the 50% Fib retracement level of the downward move from the $0.0000172 swing high to the $0.00000768 low at $0.00001245.

If the price clears the $0.00001245 resistance, it could continue to move up. The first major hurdle on the upside sits near the $0.0000135 level. It coincides with the 61.8% Fib retracement level of the downward move from the $0.0000172 swing high to the $0.00000768 low.

A successful close above the $0.0000135 resistance zone could open the doors for more upsides. In the stated case, PEPE price could easily drift toward the $0.0000150 region. The next key resistance is near $0.0000165, above which the price could accelerate higher toward the $0.0000172 level.

Are Dips Supported?

Conversely, Pepe coin could fail to clear the $0.0000135 resistance zone. In the stated case, the price could start a downside correction. Immediate support is seen near the $0.0000115 level.

The first major support is near the $0.0000110 level. The main support for the current wave sits near the $0.000010 zone.  A downside break below the $0.000010 support might spark short-term bearish moves. The next key support sits at $0.0000090. Any more losses might call for a test of $0.00000765.

Overall, PEPE price is signaling a strong bullish breakout above $0.0000110. If the bulls push the price above $0.00001245 and $0.0000135, the next stop for them could be $0.0000172.

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