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$PEPE pulls back 5% after hitting resistance near $0.00000936. Whale accumulation hints at a potential recovery toward $0.00001025 and possibly $0.00001584.
As the crypto market experiences an intraday pullback, the meme coin segment is flashing red. The total market cap of the meme coin sector has dropped by 3.47% to $52.05 billion.
Among the top meme coins, Dogecoin, Shiba Inu, and $PEPE have seen pullbacks ranging from 6% to 9%. Currently, $PEPE is trading at $0.000008366 while still holding onto a 7-day gain of nearly 14%.
Will this short-term dip trigger a deeper correction, or is the meme coin gearing up to break past the $0.000010 barrier?
Pepe Price Analysis
Pepe’s price action in the daily chart showcases a bullish breakout of a falling wedge pattern. This has led to a significant rise in market prices.
With a post-retest turnaround, Pepe’s recovery run surpassed the 50-day EMA line at $0.000007872. On April 22, $PEPE posted a nearly 14% surge, forming a bullish engulfing candle.
However, the uptrend failed to surpass the 100-day EMA line at $0.000009360. Taking a bearish turnaround from the dynamic resistance, Pepe witnessed a minor intraday pullback.
Currently, it is trading at $0.0000083 with a pullback of nearly 5%. This creates an evening star pattern from the dynamic resistance, teasing a sharper correction move.
Additionally, this bearish reversal reflects a failed attempt to maintain a position above the $0.000008832 resistance level, considered the neckline of a double bottom pattern.
If $PEPE fails to sustain above this neckline, the bullish pattern may be invalidated. However, the MACD and Signal lines still show a positive trend, supporting the potential for continued upward momentum.
The appearance of bullish histogram bars further supports the likelihood of an extended rally.
Whale Adds More $PEPE Amid Bullish Momentum
Amid the recent price surge, a wallet possibly belonging to Bitpanda has started a new buying spree over the past 48 hours. Recently, the wallet accumulated 208 billion $PEPE tokens worth $1.64 million, bringing its total holdings to 553 billion $PEPE, valued at nearly $5 million.
Pepe Price Targets
According to Fibonacci retracement levels, a successful breakout above the double bottom neckline could lead $PEPE to test the 23.60% Fibonacci level at $0.00001025. If momentum continues, the next key target would be the 50% Fibonacci level at $0.00001584.
On the downside, key support remains at the 50-day EMA around $0.000007873, followed by horizontal support at $0.0000052.
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