PEPE price is currently experiencing significant movement around a crucial support and resistance level. According to Crypto analyst Scient’s recent analysis, the price has been bouncing around a key level identified a few days ago. This level, marked at $0.00000905, serves as a key determinant for future price direction.
The price of PEPE has shown a deviation, and three previous rejections from this level have made it a significant 1D support/resistance (S/R) level. The current 1D candle is forming in a way that suggests a possible flip of this level into support. This development is crucial as it will guide the market sentiment in the coming days.
The analyst emphasizes a direct approach to trading PEPE around this level. A close below $0.00000905 would indicate a bearish trend, whereas a close above this level would signal a bullish trend. Consequently, traders should monitor this level closely to determine their positions.
Currently, the price is testing this critical level. If the price closes above $0.00000905, it suggests a bullish outlook, and the price could rise to new highs. Conversely, a close below this level would suggest a bearish trend, likely leading to a decline in price.
Despite the potential volatility around this level, the analyst advises against taking new positions at this point. Instead, he recommends waiting for a clear direction to emerge before making any new trades.
As of press time, PEPE is trading below the $0.0000100 key level at $0.000009380 recording an increase of 3.54% in the past 24 hours. Over the past month, PEPE has seen a tremendous journey, surging by more than 80%. PEPE’s market capitalization and trading volume stands at $3.9 billion and $745 million, respectively.
