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Highlights
- The Pepe Price correction halts at the combined support of $0.000058 and 50% Fibonacci retracement level.
- The $0.0000058 horizontal level stands out as a high-demand zone for coin buyers.
- The 24-hour trading volume in the Pepe coin is $1.62 Billion, indicating a 25% gain.
The recent correction trend in the crypto market has been harsh on meme cryptocurrency as even the top assets like Dogecoin, Shiba Inu, Pepe coin, Bonk, and Floki witnessed a notable downturn. Within two weeks, a majority of these coins evaporated half of their gains obtained during the February-March rally, seeking support at a previously breached level.
With the BTC price correction halted at $60000 support, the Frog-themed memecoin PEPE rebounded with an 11% gain, sparking a new relief rally.
Also Read: Pepe Price Analysis: Is Pepe Poised To Bounce Back As Meme Coins See Red
Bullish Pattern at Key Support Bolster PEPE Recovery
Amid the current correction trend in the crypto market, the PEPE coin price witnessed a V-top from reversal from its new All-time High of $0.00001085. This structure reflects an aggressive selling pressure evidenced by a 46% downfall in this memecoin within a week.
However, the retracement trend paused at the 50% Fibonacci retracement level, which indicates the broader trend in an asset is still positive. Moreover, the bitcoin price reversal from the $60000 psychological support sparked a new relief rally in the altcoin market.
Today, the PEPE price rebounded 12% and formed a bullish morning star candle in the daily chart. This reversal pattern at healthy retracement support bolsters the buyers to counterattack and aim to regain the recently lost ground.
However, the Pepe coin price may experience a short consolidation above the 50% retracement level to build sufficient momentum for a bullish reversal. A potential breakout above the immediate resistance of $0.0000082 will reflect a better confirmation of renewed recovery.
The post-breakout rally may surge the PEPE price by 32% to rechallenge the $0.00001085.
On a contrary note, losing the 50% retracement level of $0.00000588 will indicate the increasing dominance of sellers on this asset.
Also Read: Bitcoin, Ethereum Bleed As 5 Crypto To Buy Standout With 100X Potential
Technical Indicator
- Exponential Moving Average: With today’s price surge, the PEPE price reclaimed the support of the 20-day EMA slope.
- Vortex Indicator: A bearish crossover between the VI+(blue) and VI-(orange) slope indicates the correction phase is active and the buyers would be better confirmation for reversal.
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