Healthy Retracement Fuels Pepe Price For 130% Rally in its Next Recovery Cycle; Enter Today?

PEPE-the new Meme cryptocurrency continues to surprise crypto participants with its massive growth and increasing popularity. In the 4-hour time frame, the coin price showcased a parabolic growth from the low of $0.000000185 to a high of $0.00000148, recording nearly 700% growth. This strong growth could be associated with its listing on top crypto exchanges just like Bitmex announced on Tuesday. Will the PEPE coin continue to recover further?

Key Points: 

• An evening star candle pattern in the daily increase hints the PEPE coin may face further correction.
• A retracement to 50% FIB level is considered healthy for a sustained bull while below it the traders must be watchful
• The intraday trading volume in the Pepe coin is $251.2 Million, indicating a 42% gain.

Source- Tradingview

The fast recovery PEPE coin price recently topped at the $0.00000148 mark and reverted for a minor correction. This bearish pullback evaporated around 40% from this memecoin’s market value and plunged it to $0.0000009206.

However, this retracement is normal for the massive growth mentioned above and is in fact beneficial to check sustainability at higher levels. Moreover, the $0.0000009206 support aligned with the 50% Fibonacci retracement level creating a strong accumulation phase to replenish the bullish recovery.

Also Read: Low Cap Crypto Gems Gunning To Explode In 2023

If the buyers manage to sustain above the aforementioned support zone, the coin price may surge higher to rechallenge the $0.00000148 peak. As per the trend-based Fibonacci extension tool, the potential rally may rise 130% higher to hit $0.00000215(100% FIB). 

On a contrary note, a 4-hour candle closing below the $0.00000092 support will weaken the bullish thesis and may tumble the price another 25-27% to hit $0.0000006 psychological support.

Technical Indicator

Relative Strength Index: A sharp drop in the RSI slope reflects the excessive selling pressure in the market after a strong rally.

Exponential Moving Average: The 50 EMA slope currently moving near the $0.000007 level may offer additional support to fuel price recovery.

Pepe Coin Price Intraday Levels

• Spot rate: $0.000000861
• Trend: Bearish
• Volatility: High
• Resistance levels- $0.000000275 and $0.00000037
• Support levels- $0.000000176 and $0.0000001

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