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Pepe Coin ($PEPE) appears to be setting up for a bullish move, as recent price action suggests a higher low has formed according to Plazma, an analyst.
With the current chart showing signs of consolidation and key support levels holding strong, traders are anticipating a potentially strong period for this meme coin. An analysis of the $PEPE/WETH pair on Uniswap highlights critical support and resistance levels that could shape the next move for this popular cryptocurrency.
$PEPE confirmed higher low, we are entering the most bullish time of the year. pic.twitter.com/9RrM9qaBnE
— Plazma (@Plazma0x) September 17, 2024
Key Resistance Levels to Watch
The $PEPE faces significant resistance levels that will need to be broken for a potential rally. The $0.00001720 resistance level marks a crucial area where the price was rejected during a previous uptrend.
Breaking above this level could signal a continuation of the bullish momentum. Another key level to watch is $0.00001157, which has acted as a pivot in the past. This level has seen multiple reversals, making it a critical marker for a potential price breakout. Additionally, in the short term, $0.07999 presents an intermediate resistance, where the price has struggled to gain momentum.
Critical Support Levels for Bulls
On the downside, $PEPE has found solid support around $0.000006999, a level that has consistently offered stability. Historically, this level has seen multiple touchpoints, providing a foundation for potential bullish action.
Read also: PEPE/USD 1-day price chart, Source: Trading view
Another essential support level is $0.000005999, which has repeatedly cushioned price declines. Bulls should closely monitor this area, as it represents a zone where positive price action often occurs. Furthermore, $0.000004999 serves as the lower support, signaling a significant defense zone. Should the price dip below this level, further downside could be expected.
Trend Analysis and Indicators
The $PEPE price has been consolidating between the $0.06999 support and $0.00001157 resistance levels, indicating a period of range-bound movement. Following a sharp correction after a May peak, the market has shown signs of sideways action.
Read also: Memecoin Bull Run: Dogecoin, Shiba Inu, Pepe Lead the Charge
Notably, a potential double bottom formation around $0.000006999 and $0.000005999 suggests strength, indicating that bulls may be preparing for another attempt to break through resistance levels.
At press time, Pepe is priced at $0.000007, with a 24-hour trading volume of $454,070,046. The price has increased by 3.47% in the past 24 hours.
Technically, the 1-day RSI stands at 46.50, indicating that the coin is neither overbought nor oversold. This neutral reading suggests the market could move in either direction. Additionally, the 1-day MACD is trading above the signal line, hinting at growing bullish momentum.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.