Coin News: The price of Pepecoin (PEPE) has risen by more than 100% in the past few days and tested the $0.0000172 area. On the daily chart, the resistance of the key ascending channel is above $0.0000135. The price may consolidate around $0.0000145 before the next rise.

New Delhi (CoinChang News) - The price of Pepecoin (PEPE) has risen above 100% near $0.000014 and has broken many resistances. Currently the price is consolidating gains and expecting more gains.

Pepecoin price remains supported while seeking more gains. In the last analysis, we discussed the gains of Pepecoin and tested the important $0.0000118 resistance level. There was a minor retracement for PEPE but bulls were active at the $0.0000080 support and the 50-day simple moving average (blue line). As a result, the price saw a fresh increase and gained more than 100%, outperforming Bitcoin and Ethereum impressively. The price clearly broke above the $0.0000118 and $0.000020 resistance levels. Moreover, the key ascending channel resistance at $0.0000135 on the daily chart was also breached.

The bulls even pushed the price above $0.0000150. The price traded to a new high of $0.0000172. During the recent rally, Pepecoin even surpassed MATIC in market cap and jumped to the 18th spot.

The price is currently consolidating gains and showing some signs of a minor downside correction. An immediate support is near the $0.0000150 level. A primary support is located near the $0.0000145 area and the same ascending channel resistance (now acting as support). This coincides with the 23.6% Fibonacci retracement level of the upward move from the $0.00000514 low to $0.0000172 high.

A break below the $0.0000145 support could trigger a larger downside correction. The next key support is at $0.000012 or the 50% Fibonacci retracement level of the upward move from the $0.00000514 low to $0.0000172 high.

A close below the $0.000012 support could trigger a sharp bearish move and could spark a deeper decline. In such a case, the price could drop to the $0.0000080 support and the 50-day simple moving average (blue line).

Will it rise again?

Conversely, PEPE might start another rise from $0.0000150 or $0.0000145. An immediate resistance is located in the $0.0000165 area. The first resistance is located near $0.0000172.

A close above the $0.0000172 mark could open the way for a rally towards the $0.0000188 resistance level. The main resistance is now near the $0.000020 level. A daily close above the $0.000020 resistance area could open the way for a rally towards $0.000025.

Overall, PEPE price is holding gains above the 50-day simple moving average (blue line). It looks like the bulls are not done yet and they might target further gains above $0.0000172.