The past week saw Pepe through its biggest fall, resetting to a 3-month low after initiating a sell at $0.000022 last month. Whether it will recover from these heavy losses or not is yet unknown.
Pepe’s overall market structure looks extremely oversold on the daily chart, although we may see an extension of the sell-off if the meme coin continues to supply. As we can see, it has rejected the $0.000008 level with a bounce and is now looking calm at the time of writing.
Such a sharp bounce is typically followed by a buy, and from the look of things, the price will likely go up soon. If that happens, we may see a greener market in the next few days. Otherwise, the crypto may remain calm until it gathers enough momentum for an increase.
Reclaiming the closest previous high should pave the way for the bulls and at the same time give them a little control to mount pressure for days.
Breaking lower will not just cause another crash but might bring an end to the mid-term bullish run. But for now, there’s still hope for the bulls as Pepe is still within a buying range from a long-term perspective.
While this market looks overstretched in the short term, it is noteworthy to say that the recent sudden rejection indicates exhaustion in selling from a technical standpoint. As a result, a bullish move is underway.
Pepe’s Key Levels To Watch
Source: Tradingview
If the bulls take advantage of the oversold condition, we may see a climb above the immediate $0.0000114 level. Above it lies the $0.0000147 resistance along with $0.000018. Retaking the $0.000022 resistance should signal a trend shift.
The $0.00001 level is holding as support. If the price dips below it, the $0.000008 level would be the next support to consider for drops. Below it lies $0.0000065.
Key Resistance Levels: $0.0000114, $0.0000147, $0.000018
Key Support Levels: $0.00001, $0.000008, $0.0000065
- Spot Price: $0.00001
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/pepe-price-analysis-prediction-february-5-pepe-enters-oversold-condition-signals-potential-buy-with-a-5-daily-recovery/