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?
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.
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.
Pi Network price has crashed by over 90% from its highest level since its mainnet…
The Solana price continues to capture attention, with renewed focus coming from both analysts and…
Cardano price continues to draw fresh attention as the market shows signs of renewed strength.…
BONK price has drawn attention once again as its chart structure hints at renewed interest…
Shiba Inu price has crashed in the past few months, moving from a high of…
XRP price has shown renewed strength in the last 24 hours, recording a modest daily…