Key Takeaways:
Pepe coin price started a fresh increase above the $0.00000950 resistance.
It cleared a crucial bearish trend line with resistance at $0.00000850 on the daily chart.
The price could continue to rise if it clears the $0.0000115 hurdle.
Pepe coin
Pepe coin (PEPE) is gaining bullish momentum above $0.00000980. The price might surge another 10%-15% unless the bears defend $0.0000115.
Pepe Coin Price Regains Strength
After consolidating above $0.00000650 for some time, Pepe coin started a fresh increase. There was a decent upward move above the $0.00000750 and $0.00000850 resistance levels. It even cleared a crucial bearish trend line with resistance at $0.00000850 on the daily chart.
The bulls pushed the price above the 61.8% Fib retracement level of the downward wave from the $0.0000132 swing high to the $0.00000587 low.
Pepe coin price daily chart | Source: PEPE/USD on TradingView.com
PEPE is now well above the 50-day simple moving average (blue). It gained over 15% in two days, outperforming both Ethereum and Bitcoin. However, the bulls are struggling to clear an important barrier at $0.0000115 on the daily chart.
The 76.4% Fib retracement level of the downward wave from the $0.0000132 swing high to the $0.00000587 low is acting as a key hurdle at $0.0000115.
A close above the $0.0000115 level could start another surge. The first key resistance is near the $0.0000132 level. The next resistance is near the $0.0000150 level. It coincides with the 1.236 Fib extension level of the downward wave from the $0.0000132 swing high to the $0.00000587 low. Any more gains could set the pace for a steady increase toward the $0.0000162 level.
Downside Correction?
If not, Pepe coin could start another decline. Immediate support is seen near the $0.000010 level. The first major support is near the $0.0000095 level.
A downside break below the $0.0000095 support might start another major decline. The next key support sits at $0.0000085. Any more losses might call for a test of $0.0000076.
Overall, PEPE price is showing bullish signs above $0.00000950. If the bulls push the price above the $0.0000115 resistance, there could be a drift toward $0.0000132 or even $0.0000150.
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