Pepe (PEPE) Breaks Three-Month Resistance, Sees Minor Price Dip After Nearing a Three-Month Resistance

Pepe (PEPE) was one of the dozens of popular altcoins that broke out of a multi-month consolidation and range-bound trading.

One of the dozens of popular altcoins that broke out of a multi-month consolidation and range-bound trading was Pepe (PEPE). Since August, the third-largest meme coin has struggled to convincingly breach the $0.000009 resistance.

However, a 58% upward move coupled with a bullish market structure break over the past two weeks will hearten PEPE holders. As the meme coin encountered a minor price dip after nearing three-month resistance, they must decide whether to take profits and wait for the next move or continue holding on in anticipation of a continued rally.

A minor price dip after nearing three-month resistance

A look at the weekly chart showed that if Sunday’s trading session closed above $0.00000986, it would flip the weekly structure bullishly. The daily structure was bullish and had been since the 20th of September.

The 78.6% Fibonacci level was defended, and the rally toward the June and July highs was refreshing. A rejection from the $0.0000123-$0.000013 zone was still possible. Hence, swing traders already in a position should consider taking partial profits at least.

The CMF was at 0.27 to highlight the heavy buying pressure of the past two weeks. PEPE moving above the 50DMA was another sign that the long-term momentum was shifting bullishly.

Psychological resistance has been flipped

The $0.00001 round number was a psychologically important level. At press time the meme coin was trading above this level and the high buying pressure meant that it was likely that it would be converted to a support zone.

The data from IntoTheBlock showed that the $0.000011-$0.000012 was a large resistance zone. A lot of addresses bought the token in this price range and some might be tempted to sell after the lack of bullish movement since June.

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