The Pepe coin has been hit hard by the current correction in the crypto market, with its price dropping by 35% within three days to reach a low of $0.000007. As the Bitcoin price continues to decline, there are concerns that the Pepe coin may break below its key support level, signaling further losses.
In the midst of the recent memecoin craze, the Pepe coin has stood out as a top performer in its sector. From its swing low of $0.00000109, this frog-themed memecoin rallied by an impressive 894% to reach a high of $0.00001084. However, the excessive rally and the correction in the BTC price caused a sharp reversal in the Pepe coin’s price, which is currently trading at $0.000008. The coin is now seeking support at the 38.2% Fibonacci retracement level, and a daily candle with a long tail suggests a strong demand for the asset and the potential for buyers to regain control. However, a reversal pattern is needed for confirmation of a recovery.
According to the Fibonacci extension tool, the post-correction rally may take the Pepe coin price to $0.000013 or $0.0000147. But if the market’s selling pressure continues, the coin could break below the 38.2% Fibonacci support level of $0.000007 and potentially drop to $0.000006. This level is a critical pivot for traders, and any further decline may indicate weakening buying strength.
Additional support for buyers can be found at the 20-day exponential moving average (EMA) slope of $0.00007, which is crucial for maintaining the recovery trend. The daily relative strength indicator (RSI) line is also above 50%, indicating a bullish market sentiment for the Pepe coin.
In summary, the Pepe coin is facing significant challenges in the current correction trend, but there are signs that it may recover and continue its impressive rally. Traders should closely monitor the key support levels and the market sentiment to make informed decisions.
