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.
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