Published 20 mins ago
PEPE-the new Meme cryptocurrency continues to surprise crypto participants with its massive growth and increasing popularity. In the 4-hour time frame, the coin price showcased a parabolic growth from the low of $0.000000185 to a high of $0.00000148, recording nearly 700% growth. This strong growth could be associated with its listing on top crypto exchanges just like Bitmex announced on Tuesday. Will the PEPE coin continue to recover further?
Key Points:
- An evening star candle pattern in the daily increase hints the PEPE coin may face further correction.
- A retracement to 50% FIB level is considered healthy for a sustained bull while below it the traders must be watchful
- The intraday trading volume in the Pepe coin is $251.2 Million, indicating a 42% gain.
Source- Tradingview
The fast recovery PEPE coin price recently topped at the $0.00000148 mark and reverted for a minor correction. This bearish pullback evaporated around 40% from this memecoin’s market value and plunged it to $0.0000009206.
However, this retracement is normal for the massive growth mentioned above and is in fact beneficial to check sustainability at higher levels. Moreover, the $0.0000009206 support aligned with the 50% Fibonacci retracement level creating a strong accumulation phase to replenish the bullish recovery.
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If the buyers manage to sustain above the aforementioned support zone, the coin price may surge higher to rechallenge the $0.00000148 peak. As per the trend-based Fibonacci extension tool, the potential rally may rise 130% higher to hit $0.00000215(100% FIB).
On a contrary note, a 4-hour candle closing below the $0.00000092 support will weaken the bullish thesis and may tumble the price another 25-27% to hit $0.0000006 psychological support.
Technical Indicator
Relative Strength Index: A sharp drop in the RSI slope reflects the excessive selling pressure in the market after a strong rally.
Exponential Moving Average: The 50 EMA slope currently moving near the $0.000007 level may offer additional support to fuel price recovery.
Pepe Coin Price Intraday Levels
- Spot rate: $0.000000861
- Trend: Bearish
- Volatility: High
- Resistance levels- $0.000000275 and $0.00000037
- Support levels- $0.000000176 and $0.0000001
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/healthy-retracement-fuels-pepe-price-for-130-rally-in-its-next-recovery-cycle/