PEPE price remains stuck in between major SMAs after crashing 23% over the last four days. Currently, bulls are trying to recoup the losses with $0.0000015 psychological level providing strong support for the meme coin. This points to a sustained rebound that could see Pepe rise above key hurdles.
PEPE Price Bulls Target a Climb to $0.00000195
Pepe price dropped 23% from the $0.00000195 swing high set on July 14, a sell-off that was halted by buyer congestion around the $0.0000015 psychological level. During this descent, the frog-themed crypto lost key support levels including the 50-four-hour simple moving average (SMA) as well as the 100 SMA.
The $0.0000015 support level is important for the PEPE price and could provide the oomph required by the buyers to stage a recovery. This is because, this level has successfully cushioned the price in the past, providing a launchpad for the meme coin to recover.
In May, the price bounced off this level and rallied 34% to set a swing high at $0.0000020142. Again on June 22, PEPE rose from this support rising 18% to $0.00000178. The most recent occasion when this demand zone propelled the altcoin higher was early this month when the price climbed 27.74% to a high of $0.00000189.
Therefore, this area could provide the hindwings required to propel the PEPE price from the current level to begin a sustained recovery. For this to happen, Pepe would be required to overcome resistance provided by the 50 and 100 SMAs at $0.0000015812 and $0.0000016 respectively.
Breaking these roadblocks would see Pepe rise to collect the liquidity above them as bulls make a run for $0.00000195. This would represent a 24.75% uptick from the current levels.
PEPE/USD Four-hour Chart
The 200 SMA was facing upward. This suggested that the long-term outlook of the PEPE coin was still bullish. Additionally, the 200 SMA provided strong support at $0.000001479 that could absorb any selling pressure threatening to pull the price lower.
Moreover, the relative strength index (RSI) was pointing upward. This oscillating indicator had also created a positive divergence from the price, a sign that the bulls had not given up pushing the price higher.
On the downside, a daily candlestick close below the $0.00000150 psychological level and the 200 SMA could spell doom for the meme crypto bringing areas around $0.0000010 into the picture.
