PEPE Eyes Breakout as Bulls Defend Key Support Levels

PEPE remains resilient above support levels despite a recent dip, maintaining its weekly uptrend.
The price is consolidating near a key resistance at $0.0000090, with short-term charts showing a local pullback.
Key support levels at $0.0000084 and $0.0000080 could offer a launchpad for another breakout attempt.

PEPE is showing resilience amid a broader market cooldown, maintaining strength above key support levels even after facing rejection from a crucial resistance point. Despite a slight dip in the last 24 hours, the meme coin remains in a strong weekly uptrend, fueling optimism for a renewed push toward higher price levels.

Over the past week, PEPE has surged by 17%, solidifying its bullish momentum. As of now, the token is trading at $0.0000086, down 3% over the last 24 hours. Its 24-hour trading volume stands at $700.18 million, and it currently holds a market capitalization of $3.64 billion.

Source: CoinMarketcap

This healthy trading activity and valuation reinforce the idea that the recent dip could be part of a larger consolidation phase rather than a reversal.

PEPE Holding Key Levels Amid Momentum Shift

From a technical standpoint, PEPE is sitting at a critical juncture. The price is hovering near a descending trendline that has been acting as resistance since December 2024. A break above this line could mark a significant shift in market structure and trigger the next leg of PEPEs uptrend.

Currently, the price is consolidating just below the $0.0000090 resistance level. Short-term charts such as the 1-hour and 15-minute timeframes reflect a local pullback, indicating that momentum is cooling off slightly. However, no clear bearish reversal has been confirmed yet, keeping the bullish case intact.

PEPE Eyes Breakout as Bulls Defend Key Support Levels 14

Key support levels to watch include $0.0000084, $0.0000080, and $0.0000077, while resistance levels are observed at $0.0000089 and $0.0000092. If buyers step in near these support zones, PEPE could soon attempt another breakout above resistance.

Bulls in Control, but Caution Warranted

Despite the short-term pullback, bulls appear to still have control of the trend. Technical indicators such as the MACD on lower timeframes are crossing, and the RSI is softening, pointing to a cooling in momentum, not a trend reversal. These signals suggest that the market might be preparing for a dip before another potential upward move.

Traders are advised to watch the $0.0000080$0.0000084 zone closely, as it may offer an ideal entry point for long positions. However, with late entries becoming increasingly risky, patience and proper risk management remain essential.

If momentum picks back up and PEPE successfully breaks above resistance, the next bullish target could be around $0.000017. Conversely, if the token fails to hold key support levels, it may revisit lows near $0.0000055.

PEPE is currently at a pivotal decision point. While short-term indicators suggest a brief cooldown, the overall market structure remains bullish. As long as key support levels hold, the potential for a breakout remains strong.

Text source: TronWeekly

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