Will Pepe Coin Price Lose $0.00006 Support Amid Market Correction?
Highlights
- Coin Eyes Recovery After Hitting Fibonacci Level A constructive pullback of the PEPE price to 38.2% FIB level indicates the buyers are in a suitable position to resume the recovery trend.
- The falling price may obtain firm support levels at $0.000013 or $0.0000147.
- The 24-hour trading volume in the Pepe coin is $1.46 Billion, indicating a 13% loss.
Amid the current correction trend in the crypto market, the Pepe coin price witnessed a sharp reversal from the $0.0000108 mark. This bearish downturn pledged the coin’s price by 35% within three days to reach a low of $0.000007. As the Bitcoin price prolongs its correction trend, the pepe price teases a breakdown below $0.000007. key support, signaling the potential for further downfall.
PEPE Coin Eyes Recovery After Hitting Fibonacci Level
Amidst the recent memecoin mania in the crypto market, the Pepe coin stands out as an outperforming asset in its [10sector.From the swing of $0.00000109, this frog-themed memecoin rallied 894% to reach a high of $0.00001084.
However, the overextended rally coupled with the BTC price correction below $70000 triggered a sharp reversal in the PEPE price. Thus, the PEPE coin plunged to the current trading price of $0.000008 seeking support at the Fibonacci retracement level of 38.2%.
In theory, this correction level provided suitable support for buyers to regain bullish and rebound for higher recovery. Today’s daily candle with long-tailed rejection accentuates the presence of high demand pressures and the potential for buyers to regain control. However, a reversal pattern at this support is needed to get a better confirmation for recovery.
As per the Fibonacci extension tool, the post-correction rally may lead the OEOEO coin price to $0.000013 or $0.0000147 mark.
Will Fibonacci Support Hold Against Market Pressure?
Should the market’s selling pressure continue, the PEPE price could dip beneath the 38.2% Fibonacci support level of $0.000007, potentially triggering a slide to $0.000006. This key horizontal threshold, coinciding with the 50% retracement level, serves as a critical pivot for traders, where any additional decline may indicate a diminishing strength among buyers.
- Exponential Moving Average: A 20-day EMA slope at $0.00007 offers additional support for buyers to maintain the recovery trend.
- Relative Strength Indicator: The daily RSI line above 50% indicates the market sentiment stands bullish for this asset.
Related Articles
Recent Posts
- Price Analysis
Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
Pi Coin price rose by 1.05% today, Dec. 18, mirroring the performance of Bitcoin and…
- Price Analysis
Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
Cardano price has entered a decisive phase as NIGHT token liquidity rotation intersects with structural…
- Price Analysis
Will Bitcoin Price Crash to $74K as Japan Eyes Rate Hike on December 19?
Bitcoin price continues to weaken after breaking below its recent consolidation range, now trading within…
- Price Analysis
Bitwise Predicts Solana Price Will Hit New All-Time Highs in 2026
Solana price declined by 4% over the past 24 hours, breaking below the key $130…
- Price Analysis
Bitcoin Price Outlook: Capriole Founder Warns of a Drop Below $50K by 2028
Bitcoin price narratives continue to evolve as long-term downside risks regain attention. Bitcoin price discussions…
- Price Analysis
XRP Price Rare Pattern Points to a Surge to $3 as ETFs Cross $1B Milestone
XRP price dropped by 1.2% today, Dec. 17, continuing a downward trend that started in…