The memecoins have gained significant attention from the market as top coins have recorded massive gains in their respective portfolios. Further, the Bitcoin price crossing the $44,000 mark resulted in the memecoins to experienced significant jumps in their value within the past day.
The PEPE price traded in a closed space between $0.00000113 and $0.00000123 for a brief period, following which the market gained momentum and the price broke out of the range.
After this, the Pepe coin price faced rejection at $0.00000136 and traded sideways for a while with minor price volatility. PEPE coin then lost momentum and broke down its support level of $0.00000123. The memecoin traded in a consolidated range between $0.00000113 and $0.00000123 for over a week.
After multiple failed attempts to break out, the price lost momentum, resulting in a breakdown. The price traded in a closed space between $0.00000103 and $0.00000113 till the end of November.
December started positively as the Cross EMA 50/200 witnessed a Golden Cross. Following this, the price gained significant momentum and recorded 44% before facing rejection at $0.00000163. Since then, the price has been trading sideways.
The MACD displays a constant green histogram from the month start. This highlights a massive ongoing buying and selling pressure in the market. Further, the histogram recorded a fading pattern, suggesting the price will lose momentum.
Will PEPE Price Hit $0.000002 Soon?
If the bulls hold the price above the support level of $0.00000154, the Pepe price will regain momentum and prepare to test its resistance level of $0.00000163. Further, if the market holds the price at that level, it will test its upper resistance level of $0.00000170.
Conversely, if a trend reversal occurs, the price will lose momentum and fall to test its support level of $0.0000146. Moreover, if the bears gain power, the price will plunge further and test its lower support level of $0.00000136.
If the bears continue to dominate the market, it will continue to lose value and test its crucial level of $0.00000123 by the month-end.
