The popular memecoin $PEPE managed to recover after testing key support levels.
Several memecoins have surged again as Bitcoin’s price soars above $100,000. Memecoins, which attract investors through community and entertainment content, have shown positive momentum in the past few days.
PEPE, one of the most popular memecoins after Dogecoin and Shiba Inu, has managed to hold onto the support zone between $0.000018 and $0.00002 after the drop it saw on December 9.
AMBCrypto stated that PEPE could continue its upward trend if it stays above the relevant support area.
According to AMBCrypto, PEPE will need to create a strong price chart in order to reach a new record high. PEPE, which reached an all-time high of $0.0000284 before the major crash on December 9, may have completed a correction phase triggered by increasing selling pressure.
According to the analysis, $PEPE, which is trading in the $0.000024 area, managed to hold on to its 20-day moving average (EMA). The recovery from this level allowed the price to rise again.
According to the graphical analysis, the support at $0.000018 and $0.00002 should be followed, which is in line with its 20-day moving average. This level is reflected as a critical support area for buyers. If this support is broken, the price of#PEPEis expected to drop to $0.000015.
He mentioned that one of the biggest resistance levels for PEPE is $0.000025. He mentioned that the mentioned resistance point must be overcome for the uptrend to continue.
If PEPE manages to overcome the $0.000025 resistance, its next target could be $0.0000284. If this area is also overcome, a new record high could come and the popular memecoin could touch the $0.00003 range.