DOGE and PEPE target important areas

After falling more than 10% this week, Dogecoin and Pepe prices retest their critical support level on Thursday.

DOGE and PEPE may be bought by sideline investors near support levels.

Momentum indications suggest weakness in both memecoins, so traders should be careful.

After falling more than 10% this week, Dogecoin (DOGE) and Pepe (PEPE) prices retest their critical support level on Thursday. Sideline investors may buy dog- and frog-themed memecoins at support levels for a rebound surge.

Dogecoin price may rebound.
Dogecoin hit an annual high of $0.48 on December 8 then fell 23% in the next 10 days. DOGE retested the 50-day EMA at $0.35 on Tuesday. This level is about the 61.8% Fibonacci retracement level from the November 3 low of $0.14 to the December 8 high of $0.48 at $0.35, making it a crucial reversal zone. It rebounds marginally to 0.36 on Thursday.

Sideline investors may buy dog-themed memecoin for $0.35.

DOGE might rebound 13.5% to touch its Tuesday high of $0.41 if the $0.35 support level holds.

If DOGE fails to establish support at $0.35 and closes below $0.34, it might fall 7% to $0.31, its next support level.

PEPE pricing is encouraging

Pepe price hit a new ATH of $0.000028 on December 9 and fell 26.6% in the next nine days. On Thursday, it retests the 50% price retracement mark from its November 4 low of $0.000007 to its ATH of $0.000028 at $0.000018. This level is a critical reversal zone since it matches the daily support level of $0.000017.

Sideline investors may buy frog-themed memecoin for $0.000018, like DOGE.

Should PEPE rebound off $0.000018, it might recover 28% to $0.000024, its Monday high.

If PEPE fails to find support at $0.000018 and closes below $0.000017, it might fall 6.8% to retest its weekly support level at $0.000016.

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