PEPE Price Retests Breakout Region: Could It Revert From Here?

• 1 PEPE marked an ATH at $0.00001718 amid profit booking.
• 2 Sellers have shown their presence and pushed PEPE from the top.

The frog-themed memecoin (PEPE) started wiping out its gains and dropped over 23% from its recent ATH mark of $0.00001718. Notably, the memecoin has retested its 50 day EMA, highlighting sharp profit booking in the last few sessions.

Notably, PEPE reached its previous breakout zone and is eyeing a significant pullback. Amidst the overnight market selloff, most of the altcoins faced bearishness and lost significant gains.

Buyers are accumulating PEPE which is why it is in an uptrend. Any sizable correction to $0.00001000 would be treated as an opportunity to enter for long.

At press time, PEPE was trading at $0.00001229 with an intraday drop of 4.36%, reflecting neutrality on the charts. It has a monthly return ratio of 43.20% and 987.27% yearly, reflecting an uptrend.

The pair of PEPE/BTC is at 0.000000000178 BTC, and the market cap is $121.59 Million. Analysts are neutral and suggest that the PEPE price may deliver volatility and will lose further ahead.

Investors In Dilemma: Could PEPE Further Lose Gains?

In the past sessions, the intense profit booking at the highs lead the investors into a state of fear and holders are looking to secure their gains now. Additionally, the memecoin retested the breakout zone and uncertainty was noted on the charts.

Source: TradingView

If further selloff happens and the memecoin slipped below $0.00001000, a possible correction could be seen. On the other hand, if the price rebounds from the 50 day EMA mark, it may retest the upside of $0.00002200 soon.

@Lookonchain in his tweet mentioned a significant whale activity, a whale bought PEPE worth $2.9 Million in the last few hours. 

Notably, the whale has bought a total of 750.34 Billion PEPE worth $8.34 Million at an average price of $0.00001111 since Mar 16.

Source: X

The trading volume dropped significantly and is directing the declining trading activity because of unclear price action. A drop of over 32.30% to $1.10 Billion in the trading volume was noted in the last 24 hours.

Meanwhile, the momentum indicator (RSI) shows a trend reversal indication and slipped below the midline region, directing a bearish divergence on the charts.

Likewise, the MACD indicator showed red bars on the histogram and revealed a bearish crossover.

Per the Fib levels, the memecoin has dropped below the 61.8% zone and will likely retest the 50% zone near $0.00001080 shortly.

PEPE Social Metrics Turned Negative 

Recently, the social dominance data dropped over 34% and dragged to 1.076% this week, displaying a decline in the users engagement on the social media platforms.

Likewise, X followers data witnessed a noteworthy decrease and dropped to 179, highlighting the negative outlook.

Going forward, the active addresses data fell to 3533, a drop over 90% was recorded this week, revealing the decline in the investor interest.

The immediate support levels for PEPE are $0.00001120 and $0.00001000, whereas the key upside hurdle is around $0.00001430 followed by $0.00001680.

Conclusion

The PEPE price might trigger a pullback or may continue to lose gains, signs of a dilemma were floated now. Moreover, the memecoin has approached its breakout region and sharp volatility can be seen ahead.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.