Published 11 mins ago
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
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/pepe-price-analysis-crucial-levels-to-watch-as-pepecoin-enters-correction-mode/