Connect with us
Active Currencies 14527
Market Cap $2,700,876,242,176.87
Bitcoin Share 49.70%
24h Market Cap Change $-0.98

PEPE: A rally is likely if bulls defend this support level

2min Read

Can bulls take advantage of the retest of a significant support level to rally again or will sellers extend bearish dominance?

PEPE: A rally is likely if bulls defend this support level

Share this article

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • Bears looked to extend dominance, with prices resting on a key support level.
  • Supply on exchange rose, hinting at increased selling pressure.

The selling pressure on Pepe [PEPE] strengthened after bears flipped the $0.00000151 support to resistance. This suggested a weakening of buyers which could have a significant impact on PEPE’s long-term price action.

Read Pepe’s [PEPE] Price Prediction 2023-24

Meanwhile, the last 48 hours have been a rollercoaster in the crypto market. Bitcoin [BTC] pumped from $28.9k to $30k before retracing to trade at the $29k price level again, as of press time.

With BTC’s movement having minimal effect on PEPE, price action at this critical support level could be key to the memecoin’s next price move.

Bears look to extend dominance

PEPE price chart on dark background with green and red price bars

Source: PEPE/USDT on Trading View

After PEPE’s bullish momentum hit a major barrier at the $0.00000186 price zone, bears controlled the price action. A 20% drop between 14 July and 24 July took PEPE to the $0.00000151 support. The bullish defense at this level was quickly blown away with another 20% drop taking it to the critical $0.00000121 level.

The $0.00000121 price zone is vital for bulls, as the last bullish rally had to flip this level for sustained gains. If bulls surrender this level, PEPE could hit another year’s low between $0.00000080 – $0.000001.

Although the price chart highlighted the bearish dominance, whale movements hinted at an accumulation of PEPE at low prices.

A recent report highlighted a significant outflow of 677 billion PEPE tokens from a major exchange. If the accumulation trend continues, bulls can expect a rally from this support level.

90d Mean coin age declined

PEPE on-chain metrics

Source: Santiment

A look at PEPE’s on-chain metrics from Santiment showed a dip in its 90d mean coin age. The drop-off hinted at increased movement between addresses, which suggested that traders could be preparing for another off-load.

How much are 1,10,100 PEPEs worth today?

Closely related, the supply on exchanges rose, which signaled where the tokens being moved were ending up. The increase in supply on exchanges could lead to additional selling pressure.

A further price slump from the press level could see price reach $0.000001. This was where the previous rally began in mid-June, and buyers will be hoping for similar results.


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.