PEPE Price Analysis: Crucial Levels to Watch as Pepecoin Enters Correction Mode
PEPE Price Analysis: The trending Meme cryptocurrency PEPE has witnessed a significant correction in the last three days, during which this price tumbled from the new All-Time High of $0.00000449 to the current price of $0.00000231, registering a 48.6% drop. However, the ongoing correction recently breached the 50% Fibonacci retracement level indicating that the Pepecoin is likely to witness a longer correction.
Key Points:
- A breakdown below the 0.5 FIB threatens Pepecoin with a 20% downfall
- The breached 20 EMA slope will flip into potential resistance and assist sellers in further extending the retracement fall.
- The intraday trading volume in the PEPE is $937.2 Million, indicating a 19% fall.
Source- Tradingview
After experiencing an aggressive rally earlier this month, Pepecoin price is going through a correction phase meant to check price stability at higher levels and recuperate the bullish momentum. With a 16% intraday fall, the Pepe coin shows a breakdown below the 50% FIB level at $0.00000236 which is usually a key support to replenish the buying pressure.
In the 4-hour time frame chart, the memecoin is retesting the $0.00000236 as potential resistance, validating where the correction phase can extend lower. If the sellers show sustainability below the aforementioned level, the coin price may tumble another 20% to retest the combined support of $0.00000185 at 61.8% FIB.
Also Read: Binance Announces SUI, FLOKI, PEPE Trading At Zero Fees
If the supply pressure persists, $0.00000185 and $0.0000015 are two crucial levels that can assist buyers to reboot a bullish rally.
On a contrary note, a breakdown below 50% FIB has started reflecting weakness in the overall bullish trend.
Technical Indicator
Directional Movement Index: The DI+ and DI- slope nearing a bearish crossover will accelerate the selling momentum in the market.
Exponential Moving Average: The 50 EMA slope wavering near the 61.8% FIB at $0.00000185 increases the support strength of this level.
PEPE Intraday Price Levels
- Spot price: $0.00000228
- Trend: Down
- Volatility: Low
- Resistance level- $0.00000237 and $0.0000028
- Support level- $0.00000185 and $0.0000015
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