The meme cryptocurrency PEPE has experienced a significant correction in the last three days, tumbling from a new all-time high of $0.00000449 to the current price of $0.00000231, marking a 48.6% drop. This ongoing correction recently breached the 50% Fibonacci retracement level, suggesting that Pepecoin might face a more extended correction. If the price breaks down below the 0.5 FIB, Pepecoin could be threatened with a 20% downfall.
The 20 EMA slope, which has already breached, is likely to flip into potential resistance, aiding sellers in further extending the retracement fall. The intraday trading volume in PEPE is $1.42 billion, representing a 292.5% gain, according to Tradingview.
After an aggressive rally earlier this month, the Pepecoin price is undergoing a correction phase intended to evaluate price stability at higher levels and regain bullish momentum. With a 16% intraday fall, the Pepe coin indicates a breakdown below the 50% FIB level at $0.00000236, typically serving as key support to replenish buying pressure.
In the 4-hour timeframe chart, the meme coin is retesting the $0.00000236 as potential resistance, confirming the possibility of the correction phase extending lower. If sellers maintain sustainability below this level, the coin price might tumble another 20% to retest the combined support of $0.00000185 at the 61.8% FIB.
In contrast, a breakdown below the 50% FIB has begun to reveal weakness in the overall bullish trend. If the selling pressure persists, $0.00000185 and $0.0000015 are two essential levels that can support buyers in rebooting a bullish rally.
Technical indicators point to increased selling momentum in the market. The Directional Movement Index (DI+ and DI- slope) is nearing a bearish crossover, while the Exponential Moving Average (50 EMA slope) hovers near the 61.8% FIB at $0.00000185, enhancing the support strength of this level.
For PEPE’s intraday price levels, the spot price sits at $0.00000228, with a downward trend and low volatility. Resistance levels are at $0.00000237 and $0.0000028, while support levels are at $0.00000185 and $0.0000015. It’s crucial to conduct market research before investing in cryptocurrencies, as the author or publication does not hold any responsibility for personal financial loss resulting from individual decisions.
Source: Coingape
