Following a series of drops in the past week, Pepe is trading at a crucial support level. It is brewing for a big drop but the selling pressure seems subsided. Now looking indecisive at the moment.
After testing the psychological $0.000001 support zone three times in eight weeks, Pepe reattempted to break it this week but failed due to a strong rejection. It recovered and traded above that price level ever since.
Meanwhile, this support zone has been a tough obstacle for the bears since November 2023. However, the support, which also serves as the bulls’ defence line in the short term, is becoming weak as the bears continue to look for a breakthrough.
While the bulls are trying to defend this support, the next sell attempt might turn out successful for the bears if they mount pressure. And if that happens, the price may fall into the $0.00006 range – where Pepe initiated short-term bullish in October 2023.
Failure to bridge this support my result into a rebound. That may appear unrealistic with the latest bearish dominance in the market. Should the price eventually rebound, it may recover briefly ahead of the next leg down.
Aside from washing all gains in the last three months, Pepe has lost more than 21% of its value in the last 180 days. Taking advantage of the provided discount, the asset is more likely to bring a huge return for holders in the long term.
Pepe’s Key Levels To Watch
The immediate support level to watch for a breakdown is $0.00000085. If the price rolls further, the lower support level lies at $0.00000072 before slipping to $62.
If Pepe forms a double-bottom pattern above the $0.000001 support level, we may see an increase to $0.0000012. Pushing through all this price level could allow more buys to $0.00000147, followed by $0.0000016.
Key Resistance Levels: $0.0000012, $0.00000147, $0.0000016
Key Support Levels: $0.000001, $0.00000085, $0.00000072
- Spot Price: $0.00000103
- Trend: Bearish
- Volatility: Moderate
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-january-27-selling-pressure-subsides-but-pepe-looks-poise-for-a-big-drop/