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Pepe Coin (PEPE) Powers Up Again: Breakout Mode Engaged, 10% Gains in Sight
Pepe coin has started to gain momentum above the $0.0000120 zone. The price is exhibiting positive signs and could potentially rally further above $0.00001320.
After forming a base above the $0.0000084 level, Pepe coin began a fresh increase. The bulls were able to clear key resistance levels at $0.0000090 and $0.000010. This allowed them to break through a key bullish flag pattern with resistance at $0.0000102 on the daily chart.
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The price has also surpassed the 50% Fib retracement level of the downward move from the $0.00001626 swing high to the $0.00000834 low. It has even settled above the $0.000010 level and the 50-day simple moving average (blue).
Pepe coin is up close to 10% in the past three sessions and it outperformed Bitcoin during this period. The current price action remains positive above the 50-day simple moving average (blue) and the $0.0000120 level.
If the bulls continue their momentum, they may attempt more gains. Immediate resistance lies near the $0.0000132 level. This is close to the 61.8% Fib retracement level of the downward move from the $0.00001626 swing high to the $0.00000834 low.
The next key resistance comes in at the $0.0000144 level. The main resistance now forms near the $0.0000162 level. If PEPE clears the $0.00001620 and $0.00001650 resistance levels, it could start to gain more pace.
In this scenario, the price could rise to test the $0.00001750 resistance. Any additional gains would potentially set the stage for a steady increase towards the $0.000020 level.
If not, Pepe coin may initiate a downside correction. Immediate support is seen near the $0.0000120 level. The first major support comes in at the $0.0000110 level and the 50-day simple moving average (blue). A downside break below this level might spark another steady decline.
The next key support lies at the $0.000010 level, where the bulls could re-emerge. If they fail to defend these supports, the price may start a bearish trend and drop towards $0.00000840.
In summary, PEPE is showing positive signs above the $0.000010 and $0.000012 levels. If the bulls remain active, the price could begin another fresh increase above $0.0000132.
Source: coinchapter.com
