Pepe Coin Price Eyes $0.00001 High As Chart Pattern Hints End-of-Correction Trend

Pepe Coin Price: Over the past couple of months, the meme coin sector has experienced a pronounced pullback phase. Despite top performers such as DOGE, SHIB, and BONK underperforming, the frog-themed PEPE has struggled to break free from bearish pressure. Amidst the downtrend, the meme coin has finally found some stability and is hinting at a potential rebound.

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Will A Bull Cycle Break The Above Trendline?

Pepe Coin Price | Tradingview

The Pepe coin price has undergone a significant correction since mid-March, plummeting from a high of $0.0000108. This decline has seen the coin breach multiple support levels and fall below the 50-day exponential moving average (EMA), resulting in a 65% drop to a low of $0.00000932. This trend mirrors the broader market sentiment, evident in the falling channel pattern.

Despite the bearish momentum, there are indications of a bullish reversal. Pepe coin has begun consolidating above the 100-day EMA, which, along with a price lower than the 200-day EMA, is now testing the 50-day EMA at $0.0000634. If sufficient bullish momentum is generated, a breakout rally could be imminent, potentially propelling the coin towards price targets of $0.0000092 and $0.0000108 by month's end.

Conversely, a bearish reversal from the current resistance could challenge the bullish momentum, testing support at the 200-day EMA and the $0.00000393 level. This scenario warrants close monitoring of market dynamics and sentiment.

Read Also: Coinbase Delays Pepe Coin Perp Futures Launch, PEPE Price Declines

Technical Indicators

Moving Average Convergence Divergence (MACD): The MACD suggests a potential bullish crossover as the meme coin positions itself for a breakout. This development reinforces the bullish sentiment surrounding the coin.

Exponential Moving Average (EMA): The crucial EMAs (20, 50, 100, and 200-day) maintain a positive alignment and continue to provide dynamic support.

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