Meme Coin Faces Rejection Near $0.00001200 While Support Holds at $0.00000980
PEPE (PEPE/USDT) slipped nearly 6% in the past 24 hours, trading around $0.00001062 after facing heavy resistance near the $0.00001200–$0.00001300 zone. The decline follows a short-lived rally that was capped at a crucial supply region marked on the 4-hour chart.
The chart shows that PEPE broke out of a descending channel earlier this summer, staging a recovery from lows near $0.00000780. However, the latest push higher ran into resistance at $0.00001300, where sellers re-entered the market.
Currently, PEPE is hovering above its major support zone near $0.00000980–$0.00001000 (highlighted in green). If this level holds, bulls may attempt another rebound. On the other hand, a breakdown below this support could open the door for deeper losses toward $0.00000850.
Resistance levels remain stacked above, with $0.00001200 and $0.00001450 serving as major hurdles for any recovery attempt.
A market strategist explained, “PEPE’s price action reflects typical volatility seen in meme tokens. While there is strong interest on dips, the repeated rejection near $0.00001300 shows clear supply pressure.”
According to BITX analysts, “The $0.00000980 level is critical for maintaining bullish structure. If buyers defend this zone, PEPE could stabilize and retest higher levels in the coming sessions.”
In the near term, PEPE’s price trajectory will depend on whether it can defend its support base. A bounce from current levels could bring a retest of $0.00001200, while a breakdown might extend losses.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.