The meme coin sector has experienced a downturn, with the Pepe memecoin recording a correction within the past day.
The Pepe coin price recently experienced a bearish reversal after reaching a new ATH.
If the bulls manage to hold above $0.00001150, Pepe may retest its ATH.
As Bitcoin’s price dipped below the critical support level of $68,000, the meme coin sector has experienced a downturn, with leading meme coins shedding substantial value from their respective portfolios. Among the affected tokens, the Pepe coin has continued to exhibit a strong bearish price action, recording a correction within the past 24 hours.
With the prevailing bearish sentiment in the market, the question arises: Will Pepe’s price manage to retest its all-time high (ATH) or will it plummet towards the crucial support level of $0.00000880 in June? In this article, we delve into the market sentiments and price analysis of the Pepe meme coin for the current week.
Pepe Coin Price Tests Major Support Level
Following a week of weak price action, the Pepe crypto managed to regain momentum and record an impressive 157.85% surge before encountering a pullback at the resistance level of $0.00001150.
The bulls successfully regained their footing at the support level of $0.00000880, which subsequently led to a 2x price increase within the next eight days, culminating in a new ATH of $0.00001718 on May 27th.
However, the Pepe meme coin experienced a strong bearish reversal after achieving its new all-time high during the previous week. Since then, the Pepe coin price has been trading under negative influence, indicating heightened selling pressure for the memecoin within the cryptocurrency market.
If the market manages to hold the price above the support level of $0.00001150, the bulls are expected to regain momentum, potentially propelling the PEPE price to test its resistance level of $0.00001410. Furthermore, if the bulls successfully maintain the price at that level, the Pepe meme coin may prepare to retest its previous ATH within the current month.
On the other hand, if the bears gain the upper hand, the Pepe coin price may break below the support level of $0.00001150 and head towards its crucial support level of $0.00000880 in the upcoming weeks.