PEPE Coin (PEPE) Price Bounces From Crucial Support Levels, A Do or Die Ahead

PEPE Coin: A Crucial Moment

Defying the market downturn, PEPE Coin, the third-largest meme currency, has surged by 4%. At press time, its value stands at $0.0000114, with a market capitalization of $4.8 billion and a daily trading volume of $726 million.

Technical Analysis

PEPE Coin is approaching a decisive point. It is currently retesting crucial support at $0.000011. Despite the recent downturn, PEPE remains one of the market's strongest performers, outperforming Bitcoin and Ethereum.

Analyst Crypto Scient notes that PEPE has successfully retested its previous all-time high, which has now become a support level. A breakout from the current downtrend would present a favorable opportunity for long positions.

Analyst Perspectives

Another analyst, Crypto Patel, highlights the importance of maintaining the $0.000011 support. If this level breaks, PEPE could face a significant drop of up to 40%.

According to CoinGape, PEPE Coin's Open Interest has declined, indicating a lack of bullish momentum.

Other Meme Coins

While PEPE Coin gains, its rival Dogwifhat (WIF) has plummeted by 8% to $1.77. This decline is attributed to substantial whale sell-offs.

On the other hand, Shiba Inu has experienced a significant increase in its burn rate, with burned tokens increasing by 1,100% in a day.