PEPE Coin Price Recovery: Can It Break Through Critical Fibonacci Levels?

PEPE Coin Price Action: Can the Meme Coin Overcome Bearish Trends and Break Resistance?

PEPE Coin Price– As Bitcoin stabilizes around the $102,000 mark, meme coins like PEPE are experiencing a turbulent journey. After a significant drop to $87 billion, the meme coin market has seen a slight recovery, now valued at $92.71 billion. However, despite the overall market’s improvement, PEPE has yet to bounce back fully from a recent downturn. Could this ongoing correction jeopardize PEPE’s potential November 2024 rally? Let’s dive deeper into the situation.

PEPE Price Action: A Closer Look at the Technicals

The daily chart for PEPE shows a breakdown in the falling channel pattern. On January 26, the coin saw a 7.35% pullback, breaching the key 200-day Exponential Moving Average (EMA) and local support trend line. As the correction deepened, bears continued to push prices lower, forming a triple black crow pattern. Despite this, buyers stepped in near the $0.000011 level, leading to a swift reversal.

Currently, PEPE has shown an intraday recovery, bringing its price up to $0.00001257, forming a bullish harami pattern. This suggests that buyers could regain control if the coin surpasses recent bearish candles. The daily RSI has shifted away from oversold conditions, supporting this intraday recovery.

Key Resistance Levels and Price Target for PEPE

The current recovery is testing the 38.20% Fibonacci level at $0.00001252. To maintain this momentum, PEPE will need to break through the 200-day EMA. A move above the 50% Fibonacci level, which coincides with the 200-day EMA, could signal a more significant bullish comeback.

However, given the market’s volatility, PEPE might face a post-retest reversal from the support trendline, potentially testing the 23.60% Fibonacci level near $0.000010. A bearish continuation could push PEPE to a $0.00000792 support level, representing a potential drop of 38% from its current price.

While PEPE’s future remains uncertain, its recovery will depend on whether it can overcome these critical resistance levels and maintain its bullish trend.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.