pepe coin (PEPE) retested the $0.0000118 resistance, surging over 50%. However, it failed to surpass this level and is currently showing signs of rejection.
Pepe Coin Price Faces Rejection
In the last analysis, we discussed that Pepe coin could rise again by surpassing the $0.0000090 resistance. The price gained strength and settled above the $0.000010 resistance and is up over 50% in a week. It outperformed Bitcoin and retested the important barrier of $0.0000118.
However, the bulls again failed to clear the $0.0000118 resistance. The high was recorded at $0.00001173 and the price is currently correcting gains. There was a move below the $0.000010 level. The price declined below the 23.6% Fib retracement level of the upward move from the $0.00000514 high to $0.00001173 high.
It looks like Pepe coin is forming a triple top formation. However, the bears need to work hard to complete the formation. Immediate support is near the $0.00000850 level.
The first major support is near the $0.00000765 region and the 50-day simple moving average (blue). This level is close to the 61.8% Fib retracement level of the upward move from the $0.00000514 low to $0.00001173 high.
The next important support is near $0.00000670. There is also a key bullish trend line forming with support at $0.00000670 on the daily chart. A close below this support is possible to trigger heavy bearish moves and is likely to initiate a larger decline. In this case, the price is likely to decline towards the $0.00000480 support.
Another Rise in PEPE?
PEPE price is likely to start another increase from the $0.000085 or $0.0000765 levels. Additionally, immediate resistance lies in the $0.000010 region, with the first major resistance located around $0.0000105.
A close above the $0.0000105 level is likely to enable the price to move towards the $0.0000112 resistance. However, the main resistance is still at $0.0000118. It is possible that the daily close is above the $0.0000118 resistance zone, paving the way for the price to move towards the $0.0000125 level.
Overall, PEPE price is showing some worrying signs below the $0.000010 level. If it fails to stay above the 50-day simple moving average (blue), there is a risk that the price will decline significantly towards the $0.00000480 level.
This content This Meme Things Aren’t Going Well for Coin: Should Investors Be Worried? was first published on KoinFinans.