PEPE Coin Price Rebounds from Crucial Support, Critical Moment

PEPE Coin Price Rebounds from Crucial Support, Critical Moment

The third-largest meme coin in the world, PEPE Coin, has experienced a 4% increase, defying the general market slump. Currently trading at $0.0000114, PEPE has a $4.8 billion market capitalization as of publication. The PEPE coin has a daily trading volume of $726 million. According to the technical chart, the meme coin is currently trading at a critical crossroads and in a make-or-break scenario.

PEPE Coin Value: A Must-Try

According to the technical chart, the PEPE coin is retesting essential support levels at $0.000011. Meme coin PEPE is one of the most vital coins available right now, outperforming popular cryptocurrencies like Ethereum (ETH) and Bitcoin (BTC) in terms of relative strength.

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After successfully retesting the 1-day 100 EMA, PEPE is converting its prior all-time high into a support level. According to recognized analyst Crypto Scient, traders are looking closely for a possible breakout from the one-day downtrend, which would indicate a great time to go long on PEPE.

Courtesy: Crypto Scient

Another cryptocurrency analyst, Crypto Patel, points out a critical juncture for PEPE, pointing out that the meme coin needs to maintain the crucial support level of $0.000011 to continue rising. Patel warned that PEPE would experience a substantial decline of up to 40% if it were to lose its support level. The PEPE Coin Open Interest has also been declining, as reported, indicating that there isn’t much optimistic momentum moving forward.

Courtesy: Crypto Patel

Examining Additional Meme Coins

As PEPE Coin continues to rise, its closest rival, Dogwifhat (WIF), has plummeted to $1.77 after plunging a startling 8%. The recent two days have seen significant whale sell-offs coinciding with the WIF price decline. A WIF whale made a $23.4 million deposit of 12.66 million WIF tokens to the cryptocurrency market Binance earlier today.

A whale deposited 12.66M $WIF($23.4M) to #Binance in the past 2 days.

— Lookonchain (@lookonchain) June 22, 2024

Conversely, Shiba Inu has experienced a significant increase in burn rate, as evidenced by the 1,100% increase in burnt SHIB tokens in a single day.

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