PEPE price trended above the 50-day and 200-day simple moving averages (SMAs), with the price breaking out of the ascending triangle to record a new all-time high of around $0.00001725. After this victory, the bulls relaxed and the bears took over the steering wheel, pushing the price down to the 0.5 Fibonacci retracement level.

As soon as the price touched this level (orange), it immediately rebounded, indicating a strong bullish action in the market. From a broader perspective, this correction could be the expected textbook breakout and retest of the ascending triangle. The 0.5 Fibonacci retracement level perfectly coincides with the top of the ascending triangle, indicating that bulls may be waiting to re-buy in this area.

A rebound from this level could push PEPE price to a new all-time high of around $0.00001981. In the process, resistance could be found near $0.000014 and $0.000017. On the other hand, there is a strong support structure near $0.00001, which may support the price if the bears overwhelm the bulls.

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