Following a short bounce in late June, Pepe recovered for a week and entered the $0.000013 range but due to a sudden rejection, it lost steam and started to show signs of weakness. So far, it has lost 25% in a week.

In continuation of the overall crypto market clampdown, Pepe declined by another 13% today, making it the most loser of the day amongst the top five meme coins by market cap. It appears weak and poised for a bigger drop on the daily chart.

It broke below the psychological $0.00001 level earlier this morning and is now approaching a key support level of $0.0000092 but from the look of things, the meme coin may lose grip above this key support level. 

This may cause severe pain in the market if such a scenario comes into play. The next key target to watch for drops is April’s surge level. But if the mentioned support contains selling pressure, a strong bounce above it could trigger an inducement to bring the bull back into action.

Market speculations and sentiments surrounding the crypto market lately might be indicating more incoming sell-offs. Still, it is important to note that the future looks promising for Pepe as its bullish trajectory remains intact from a long-term perspective.

Losing the $0.0000092 support could activate a big drop to $0.0000076 and $0.000006. The $0.000002 level would be the next support to keep an eye on in case of a further dip.

The $0.0000108 level that flipped as support is now considered a key resistance for a retest, followed by the $0.0000135 resistance, where it reinitiated the ongoing sell-off last week. Above it lies $0.000016.

Key Resistance Levels: $0.0000108, $0.0000135, $0.000016 

Key Support Levels: $0.0000092, $0.0000076, $0.000006

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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