Can bulls take advantage of the retest of a significant support level to rally again or will sellers extend bearish dominance?
pumped from $28.9k to $30k before retracing to trade at the $29k price level again, as of press time.
With BTC’s movement having minimal effect on PEPE, price action at this critical support level could be key to the memecoin’s next price move.After PEPE’s bullish momentum hit a major barrier at the $0.00000186 price zone, bears controlled the price action. A 20% drop between 14 July and 24 July took PEPE to the $0.00000151 support. The bullish defense at this level was quickly blown away with another 20% drop taking it to the critical $0.00000121 level.
The $0.00000121 price zone is vital for bulls, as the last bullish rally had to flip this level for sustained gains. If bulls surrender this level, PEPE could hit another year’s low between $0.00000080 – $0.000001. Although the price chart highlighted the bearish dominance, whale movements hinted at an accumulation of PEPE at low prices.highlighted a significant outflow of 677 billion PEPE tokens from a major exchange. If the accumulation trend continues, bulls can expect a rally from this support level.
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