Price Analysis

Pepecoin Price Analysis: How Far Will the Retracement Take $PEPE Price?

Pepecoin Price Analysis: The ongoing correction in PEPE could plunge the price back to $0.00000136.
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Pepecoin Price Analysis: How Far Will the Retracement Take $PEPE Price?

Pepepcoin Price Analysis: While the market leaders, Bitcoin and Ethereum price showed a halt in their recovery rally, the Frog-themed Memecoin Pepe entered a minor correction phase after hitting the $0.0000019 barrier. This retracement seems reasonable as the buyers would need a break after significant growth in the latter part of June. However, will PEPE price continue to uptrend after this correction? 

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Pepecoin Price Daily Chart

  • The $0.00000136 support stands as a crucial support of the PEPE price.
  • A breakout above the overhead trendline will reignite the bullish momentum.
  • The 24-hour trading volume in the Pepecoin coin is $114.5 Million, indicating a 56 % gain.

Source-Tradingview

Over the week, the PEPE price has tumbled around 24.6% from $0.0000019 and reached today’s low of $0.00000143. This correction phase is currently carried by a downsloping trendline acting as a dynamic resistance to pressurize buyers.

By press time, this memecoin trades at $0.0000015 and shows long-tail rejection at 38.2% Fibonacci retracement level. Thus, demand pressure could trigger another bounce to the overhead trendline and replenish the selling momentum.

With sustained buying, the PEPE price could tumble another 8% and retest the strong demand zone of $0.00000136 in confluence with 50% FIB. This level is crucial for buyers as losing the last swing low would indicate notable weakness in bullish momentum.

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Will Pepecoin Coin Strike the 0.0000019 Barrier?

The falling Pepecoin price backed by reducing volume indicates the current correction is temporary. Therefore, interested traders looking for a long entry opportunity must wait for a breakout above the overhead trendline. This breakout will signal the resumption of a bullish recovery and the possibility to surpass the $0.0000019 mark.

  • Bollinger Band: The lower band of the Bollinger Band indicator at $0.0000019 increases the support power of this level.
  • Vortex indicator: A bearish crossover between the VI+(Blue) and VI-(orange) reflects the increasing selling momentum in price.
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Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

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