Market Direction

PEPE bounced from $0.0000071 support

Published: Feb 5, 2025

PEPE continues to slide, struggling to reclaim $0.000011 resistance. RSI hints at a possible bounce, but can the downtrend break? Let’s analyze key levels and see what’s next for the meme coin.

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

Like DOGE, PEPE has also been experiencing a downtrend since early December.
The price held the horizontal support of $0.0000168, but this level broke, and the price continued to break towards the downside as a result.
The price bounced from the key support range of $0.0000071 to $0.0000082, but the price wasn't able to recover back above $0.0000113.
Price is likely to now remain range bound between $0.0000082 and $0.000011.
The RSI is close to oversold, and it is currently putting in a bullish divergence (higher low on the oscillator, lower low in price). This may cause the price to have another stab at the horizontal resistance of $0.000011.

2. PEPEUSDT daily price chart on Binance, highlighting downtrend, support at 0.0000082, resistance at 0.000011, and RSI nearing oversold levels.

Next Support: $0.0000082
Next Resistance: $0.000011
Direction: Neutral/Bearish
Upside Target: $0.000011
Downside Target: $0.0000082

Cryptonary's take

The bullish divergence may result in the price trying to bounce here; however, with the key horizontal level of $0.000011 just above current levels, it's potentially not worth the Long opportunity here.

A bullish reversal would come with a break out of the main downtrend line and a comfortable reclaim of $0.000011. Until we get that, we'll likely remain range-bound, and therefore, we'll just keep patiently watching it and letting this move develop further.