Pepe Coin (PEPE) Price Faces Uphill Task After Failing to Clear Key Resistance Levels

Pepe coin (PEPE) is showing bearish signs below $0.0000095. The price could gain bearish momentum if there is a close below $0.0000070.

Pepe coin (PEPE) is displaying bearish signs below $0.0000095. If the bears gain momentum, we could see a close below $0.0000070, aiming for $0.0000060 or even $0.0000058.

Pepe Coin Price Faces Uphill Task

This past week, Pepe coin formed a base above the $0.0000070 level. Like Bitcoin and Ethereum, the price began a decent recovery wave above the $0.0000080 level. The bulls managed to push the price above the $0.0000085 resistance.

However, the bears remained active near the $0.00000955 level. It failed to clear the 50% Fib retracement level of the downward wave from the $0.0000132 swing high to the $0.0000058 low. The bears defended the 50-day simple moving average (blue).

PEPE crypto began another decline from the $0.00000955 resistance. There was a drop below the $0.0000084 support and a short-term contracting triangle on the daily chart.

The current price action suggests that the bears are in control and might aim for more downsides. Immediate support is seen near the $0.0000075 level. The first major support is located near the $0.0000070 level.

The main support is now situated near the $0.0000060 zone. A downside break below the $0.0000060 support could trigger another major decline. The next key support sits at $0.00000525. Any further losses might call for a test of $0.0000045.

Another Recovery Attempt?

On the upside, Pepe coin price could attempt another increase. Immediate resistance is encountered near the $0.0000084 level. The first major resistance is seen around the $0.0000095 level and the 50-day simple moving average (blue).

The main hurdle is encountered near the $0.000010 level. There is also a major bearish trend line forming on the same chart, with resistance at $0.000010. It is close to the 61.8% Fib retracement level of the downward wave from the $0.0000132 swing high to the $0.0000058 low.

A daily close above the trend line could open the doors for a strong increase. The next key resistance sits at the $0.0000120 level. Any further gains could set the pace for a steady increase toward the $0.0000132 level. The main target for the bulls could be around the $0.0000145 level.

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