Recently, the Pepe token has experienced severe market fluctuations, with its value once surging by more than 1,200%, reaching an all-time high of $0.00001725. However, this rapid growth was inevitably accompanied by a market correction, and the price of Pepe subsequently suffered a drop of more than 40%, hitting a low of $0.00000968 within a month. Nonetheless, the pullback in price seems to have breathed new life into the market, prompting the Pepe price to recover by around 20% and is now stable at around $0.00001175.

Currently, Pepe’s price is showing some signs of rebound, and the solidification of key support levels provides the basis for this rebound, keeping it in a positive trend. Market analysts expect that Pepe prices may form a "V-shaped" recovery model and is expected to challenge higher price targets. However, current trading dynamics suggest that sellers still have some influence over the market and may face greater downward pressure in the coming days.

Early in the second quarter, Pepe's price rebound formed a rising wedge pattern, but was followed by a significant bearish correction. Despite this, the price is still trading within a certain price range, bouncing off the important support level at $0.00001. Technical indicator MACD shows selling pressure easing, signaling a possible bullish crossover. However, the decrease in trading volume has caused concern in the market, as the buying volume on the day was significantly lower than the selling volume in the previous two days.

With sellers in the market remaining relatively passive, Pepe’s price is expected to continue rising above the 0.786 Fibonacci retracement level to reach $0.00001364. Once it finds solid support in the middle of the Bollinger Bands, the popular meme coin is poised to make a move towards its all-time high price. However, the resistance at $0.000016 may act as a hurdle and if the buyers can show enough strength, a refresh to new all-time highs above $0.000018 is also possible.

While the bullish outlook for a move toward new all-time highs exists, this is still a preliminary stage. To confirm this uptrend, Pepe price needs to reach $0.000013 before the end of the week. Failure to achieve this target may open bearish opportunities with the price stuck in consolidation for a longer period$PEPE

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