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Pepe Coin (PEPE) Reaches Key Support Zone: A Reversal Incoming?
January 30, 2025 – 08:58 am
As the crypto market continues to experience volatility, Pepe Coin (PEPE) has finally reached its key support zone at $0.00001140. The price is attempting a recovery wave after having tested this level. This crucial juncture raises an important question: will we see a reversal incoming?
In recent days, PEPE has seen a significant decline from the high of $0.000020, plummeting by over 25%. This bearish momentum saw it underperform major cryptocurrencies like DOGE, XRP, Bitcoin, and ETH. A clear move below $0.0000162 support zone and the 50-day simple moving average (blue) put a damper on bullish hopes.
However, following this massive drop, PEPE has reached its key support at $0.00001140, which could potentially mark a turning point for the cryptocurrency. The chart suggests that any decent increase in price might trigger bearish activity near the $0.0000135 level.
The bears are still active as PEPE is trading below both the 50-day simple moving average (blue) and $0.000015. Should there be an uptick, we can expect sellers to become aggressive at this level. The area around $0.0000135 might act as a critical point of resistance.
In contrast, should PEPE breach the $0.0000162 level, a fresh increase above it could lead to further gains and potentially test the $0.000020 resistance once more. The next significant barrier is seen at the $0.0000210 mark.
On the other hand, if the bears continue their dominance, we can anticipate PEPE to visit the area around $0.0000120 as support.
In conclusion, the current market situation suggests that PEPE might need some time before it stabilizes and decides its next move.
Source: coinchapter.com
