PEPE has shown signs of recovery by showing a 9.49% increase during the day, but technical indicators still point to a possible downtrend. Fibonacci levels and EMA analysis show that breaking the 200-day exponential moving average (EMA) is critical for the price to continue its uptrend. If market uncertainty persists, there is a possibility that PEPE will test the $0.000010 support and face the risk of further declines.

Despite a general recovery in the crypto market, PEPE’s price action remains uncertain for investors. Despite rising by 9.49% on the day to pass the $0.000011 level, technical indicators suggest that the downtrend may continue.

While Bitcoin has settled around $102,000, the meme coin market is still volatile. While its market cap has risen from $87 billion to $92.71 billion, many popular meme coins, including PEPE, have not fully recovered from previous declines. While PEPE’s daily price chart shows that the falling channel formation has been broken, it has lost a critical support point by falling below the 200-day EMA level with the 7.35% retracement on January 26.

Although a triple black crow formation has formed due to the bear market, buyers have found strong support at $0.000011 and have pushed the price up. Currently, PEPE has risen to $0.00001257, forming a bullish harami formation. If this level holds, the bulls may regain control of the market.

According to Fibonacci levels, PEPE’s current recovery is testing the 38.20% Fibonacci level at $0.00001252. If the price breaks the 200-day EMA, PEPE may break the resistance line and continue its rise. However, if the uncertainty in the market continues, PEPE may retest the support trend line and drop to $0.000010. If it falls below this level, the price is likely to drop to $0.00000792, which indicates a 38% loss compared to the current level.