Pepecoin Price Analysis: Can $PEPE Bulls Defend $0.0000014 Support?

Over the past two weeks, the sideways trend in PEPE coin price is actively responding to two converging trendlines. The overhead trendline acts as major resistance which limits the bullish recovery in the memecoin, while the lower trendline acts as key support to maintain an overall uptrend. A breakout from either of the aforementioned levels will be the key signal to determine the future trend in Pepecoin.

Also Read: Pepe Craze Enters NFT; Bitcoin Frogs Takes Top Spot

Pepecoin Price Daily Chart

• Two converging trendlines govern the current sideways action in the PEPE price
• A potential downfall to combined support of $0.0000014 and a lower trend will increase buying pressure among market participants
• The 24-hour trading volume in the Pepecoin coin is $192.5 Million, indicating an 11.3% loss.

Source-Tradingview

On May 20th, the Pepecoin price witnessed a bearish reversal from the overhead trendline, triggering a new bear cycle in its consolidation phase. From the high of $0.00000193, the coin price plummeted 17.85% to reach the current price of $0.00000158.

If the selling momentum persists, $PEPE holders may experience another 12-14% loss to revisit the lower trendline around $0.0000014. This memecoin has already rebounded twice from this dynamic support indicating the traders are actively accumulating at this level.

Thus a potential reversal from the support trendline may initiate a new recovery rally and offer an entry opportunity to interested buyers.

Anyhow, the pepecoin will prolong the sideways march until the above-mentioned trendlines are intact.

Is Pepecoin Heading Back to $0.0000014 Support?

• Pivot Level: The traditional pivot level accentuates the $0.00000166 and $0.00000186 as significant resistances, meanwhile, highlighting the psychological level of $0.0000014 and $0.0000012 as significant support.
• DMI: The DI-(orange) slope moving higher to D+(blue) line reflects the current bear trend in the market and the higher possibility to revisit the $0.0000014 low.

Amid the negative sentiment in the market and a bear cycle within the sideways trend of Pepecoin, the prices are more likely to fall lower and hit the psychological support of $0.0000014. However, the sellers may witness a minor hurdle at $0.00000147 support which could increase the demand pressure in the market.