October 31, 2023
The recent downturn in the cryptocurrency market has affected the Pepe coin recovery rally, causing a bearish reversal and eroding the asset's market value by approximately 13.35% over the past four days. However, there are key levels that can support buyers and potentially resume the previous recovery.
The Pepe coin price hit a significant snag at the $0.000001369 price point, leading to a bearish reversal. This has triggered a minor correction before the asset can continue its recovery. The overhead selling pressure remains intact, as indicated by the rejection of the price at the $0.0000012 level.
To sustain higher ground and resume the bullish trajectory, buyers can find support at the $0.00000105 level, which has the potential to offer strong support during the current pullback. Additionally, the 38.2% Fibonacci retracement level aligns with this support level. If the coin stabilizes at either the $0.00000105 or the subsequent $0.0000098 level (corresponding to the 50% retracement level), it is poised to continue its bullish course.
If the Pepe coin stabilizes at the support levels mentioned above, it has the potential to soar to $0.00000145, which is 25% higher than its current trading price.
In the last three months, Pepe coin, along with other popular meme cryptocurrencies like DOGE and SHIB, has mostly demonstrated lateral movement. However, Pepe coin gained significant traction in the latter part of October, breaching the previous swing high resistance at $0.0000008. This positions the asset favorably for additional upward movement.
In conclusion, while the recent downturn has caused a bearish reversal in the Pepe coin price, there are key support levels that can potentially trigger a minor correction and resume the previous recovery. Buyers should monitor the coin's stability at the support levels mentioned and consider the potential upside. As the broader market shows signs of recovery, Pepe coin remains in a favorable stance for additional upward movement.