PEPE meme coin is currently testing a key support level, according to recent market data. This price action has interested market analysts, including Sjuul from AltCryptoGems, who shared insights on X.
Sjuul highlighted similarities between the current market situation and PEPE’s price behavior in April, providing context for the token’s recent movements.
“Look at $PEPE back in April before the incredible run to an all-time high, and see it took several days to form a proper bottom before starting to rise,” Sjuul wrote.
What you'll learn 👉
PEPE’s Historical Support Levels and Price Action
The price chart shared by Sjuul reveals two distinct support levels for PEPE. The first, around $0.0000060, was tested multiple times between March and May.
Pepe is now trying to reclaim the support level at approximately $0.00000080. This historical data provides context for the token’s current price movements.
Sjuul’s analysis emphasizes the time factor in market bottoms. “Bottoms take time to form,” the analyst noted. This observation is based on historical price data showing periods of consolidation before price movements.
The chart also reveals that after establishing support in May, PEPE experienced a substantial uptrend.
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Analyst Insights and Market Observations
Following its peak, the PEPE token’s price has formed a series of lower highs and lower lows, characteristic of a downtrend.
This pattern has led to the current test of support, which analysts are watching closely. Sjuul advised caution to investors, stating, “In moments like this, it’s important not to be shaken out and to hold on until the next pump!”
As of the time of writing, the PEPE token continues to trade near the identified support level. The price of the meme coin per CoinMarketcap is $0.000007 having seen a 5.79% dip in the last day.
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