PEPE is on the way to its positive trajectory and experiencing a surge in its price against the overall market due to the Iran and Israel conflict. PEPE is showing a reversal pattern, which often predicts a bullish reversal. Now the coin is eyeing the $0.00001775, which is known as a strong barrier. Both traders and investors are closely watching this coin and expecting a bullish reversal from the recent market volatility.
At the time of writing, PEPE is trading at $0.000009516 with a 24-hour trading volume of $505.8M and a market cap of $4B. Market volatility has hit PEPE’s price over the past 24 hours and the last week, pushing it downward, but the asset is also building a structure that could signal a trend reversal in the coming days.
PEPE tests support, eyes $0.00001775 resistance
A prominent crypto analyst highlighted that PEPE is currently experiencing a considerable correction on its weekly (1W) chart, testing critical support levels that will influence its next direction. Following a stint of strong bullish sentiment, the price has subdued to just above two critical support levels: $0.0000087 and $0.000007. These zones have served as launchpads for price rebounds in the past, and market participants are keen to see whether buying pressure returns in this area.
Buyers previously faced resistance at $0.00001775, a level that capped earlier rallies and still serves as a key target in their current push. A break of this level will confirm the sustainability of an uptrend and perhaps trigger another new wave of upward momentum. Overall market sentiment, however, still remains cautious on account of the ubiquitous market volatility and lack of powerful volume-driving factors.
As noted by some analysts, if $PEPE slips below the level of $0.00000527 and persists in a range for an extended while, it will wipe out majority of long positions and signal a breakdown in bullish structure. This can spark trend continuation in bearish direction which will shift sentiment obliging traders to re-strategize. As long, however, the coin is at this very crucial technical crossroads where direction will be reliant on strength in current support in addition to risk appetite from the community.
