Pepe Coin Prediction: Should you Buy $PEPE at $0.0000012 Dip?
Pepe Coin Prediction: The frog-themed memecoin Pepe showed a remarkable performance in the second week of August. From the $0.00000105 mark, the coin price reached a high of $0.00000147 and recovered the losses witnessed in late July to early August. In this one-week rally, the PEPE price surged 30% and retested the $0.00000145 resistance. This barrier triggered a minor pullback sparking an opportunity to buy the dip.
Pepe Coin Daily Chart: Key Points
- A bullish reversal from $0.00000122 could raise the Pepecoin price by 18.2%
- The coin price faced two reversals from the $0.00000145 barrier in the past three weeks, indicating a high supply zone.
- The 24-hour trading volume in the Pepecoin coin is $121 Million, showcasing a 4.5% gain.
Source- Tradingview
The Pepe coin recovery rally faced a strong surge in supply pressure at the $0.00000147 mark, evident by the high-wick rejection candle on August 14th. The resulting pullback plunged 17% and hit local support and retraced to $0.00000122 support.
The aforementioned support aligned with 61.8% Fibonacci retracement level, creates a high area of interest. Despite a 3% intraday loss, the PEPE price shows a lower price rejection at $0.00000122, indicating the buyers accumulating at lower prices.
If the coin price shows sustainability at the aforementioned support, the Pepecoin will likely surge 18.2%, to rechange the $0.00000145 barrier.
A breakout above this barrier will give a better signal for uptrend continuation.
Pepe Coin Price Poised for Extended Correction?
If the market sentiment remains uncertain, the Pepe price may waver above the $0.00000122 support. The buyer’s inability to rebound will reflect a weakness in bullish momentum. If the prices break below the bottom support, the coin holders will also lose 50% FIB level hinting at an extended correction to $0.00000114.
- Fibonacci retracement level: a correction to 50% FIB level is considered healthy for higher rallies.
- Bollinger Band: A downtick in the upper ceiling of the Bollinger Band indicator could create additional resistance on the upside
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