Amid recent bearish sentiments across the space, Pepe remained calm as it gathered liquidity for the next major shift. It may resume its lower low and lower high pattern if the bulls fail to sustain recent momentum.

After locating support two weeks ago, Pepe recovered from a dip and climbed back to the $0.000008 range. Unfortunately, it encountered resistance and the buying pressure halted, subjecting the market to a small consolidation phase. 

Until now, the meme coin has been finding it difficult to get out of that phase. However, it has dropped slightly to a trading level of $0.00073 at the time of writing. A daily close below the $0.000007 level could facilitate another leg down in the short term. 

If such a setup comes into play, the price may drop to a new multi-week low quickly.  Meanwhile, its bearish pattern – the lower low and lower high pattern – remains intact on the daily chart. 

However, if the price surges above the rejected level, we may see a full recovery to the top, where it initiated corrections last month. But as of now, there are no signs of bulls in the market. 

Alongside other meme coins, Pepe has been trading indecisively for a week, deciding on the next major direction. Although the price looks a bit strong today following a small overnight gain.

PEPE’s Key Levels To Watch

Source: Tradingview

Following the lower low and lower high formation on the daily, we may see a drawdown towards the $0.000006, $0.000005 and $0.000004 levels. A crack from there could send the price lower to $0.000002. 

Pushing above the holding $0.00000819 resistance level could activate a rally to the $0.0000092 and $0.0000108 resistance levels before flipping to $0.00002 in no time.

Key Resistance Levels: $0.00000819, $0.0000092, $0.0000108 

Key Support Levels: $0.000006, $0.000005, $0.000004

Spot Price: $0.00000731
Trend: Neutral-Bearish
Volatility: Moderate

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Filed under: Bitcoin - @ May 1, 2024 2:02 am