PEPE Coin (PEPE) Price Bounces From Crucial Support Levels, A Do or Die Ahead
Highlights
- Technical analysis shows PEPE is at a critical support level of $0.000011.
- Failure to maintain this support could result in a significant downside move of up to 40%.
- While PEPE shows strength, its competitor Dogwifhat (WIF) has dropped by 8% to $1.77.
Defying the broader market correction, the world’s third-largest meme coin PEPE Coin has registered a 4% surge on the upside. As of press time, the PEPE price is trading at $0.0000114 with a market cap of $4.8 billion. Also, the daily trading volume for PEPE coin currently stands at $726 million. As per the technical chart, the meme coin is currently trading at a crucial juncture and in a make-or-break situation.
PEPE Coin Price – A Do Or Die
As per the technical chart, the PEPE coin is retesting crucial support levels at $0.000011. Meme coin PEPE is currently one of the strongest coins in the market showing a greater relative strength over top cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
PEPE is currently turning its previous all-time high into a support level after successfully retesting the 1-day 100 EMA. Traders are closely watching the potential breakout from the 1-day downtrend which would signal an ideal opportunity to long on PEPE, noted analyst Crypto Scient.
Another crypto analyst Crypto Patel highlights a pivotal moment for PEPE, noting that for the meme coin to resume its upward journey, it must hold the crucial support level of $0.000011. However, Patel stated that if PEPE fails to maintain this support level, it could face a significant downside move of up to 40%. As reported by CoinGape, the PEPE Coin Open Interest has also been on a decline suggesting the lack of a bullish momentum going ahead.
A Look Into Other Meme Coins
While PEPE Coin makes a move to the upside, its immediate competitor Dogwifhat (WIF) has tanked by a staggering 8% all the way to $1.77. This WIF price drop comes amid strong whale sell-offs happening over the past two days. Earlier today, a WIF whale deposited 12.66 million WIF coins worth $23.4 million to crypto exchange Binance.
A whale deposited 12.66M $WIF($23.4M) to #Binance in the past 2 days.https://t.co/gWcpd0gBOz pic.twitter.com/Fc6WayMjAO
— Lookonchain (@lookonchain) June 22, 2024
On the other hand, Shiba Inu has seen a notable surge in the burn rate with the burnt SHIB tokens rising by 1,100% in a single day.
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