The Pepe memecoin has undergone a downturn in the meme coin sector, with its price experiencing a correction in the past 24 hours.
After reaching a new all-time high (ATH), the Pepe coin price recently saw a bearish reversal.
If the bulls can maintain above $0.00001150, there is a possibility that Pepe may retest its ATH.
As Bitcoin’s price fell below the critical support level of $68,000, meme coins, including Pepe coin, have suffered losses in their portfolios. The Pepe coin has particularly shown strong bearish price movements, with a correction in the past day.
With the bearish sentiment prevailing in the market, the question arises whether Pepe’s price will reach its ATH again or drop to the important support level of $0.00000880 in June. This article explores market sentiments and price analysis of the Pepe meme coin for the current week.
Pepe Coin Price Testing Key Support Level
After a period of weak price action, the Pepe cryptocurrency gained momentum, surging by 157.85% before facing resistance at $0.00001150.
The bulls found support at $0.00000880, leading to a doubling of the price in the next eight days and reaching a new ATH of $0.00001718 on May 27th.
However, a strong bearish reversal followed the new ATH, causing the Pepe meme coin price to be negatively influenced and facing increased selling pressure in the cryptocurrency market.
If the market can maintain the price above $0.00001150, it is expected that the bulls will regain momentum, potentially pushing the PEPE price to test resistance at $0.00001410. Moreover, if the price can be sustained at that level, the Pepe meme coin might aim to retest its previous ATH in the current month.
On the other hand, if the bears take control, the Pepe coin price could drop below $0.00001150 and head towards the crucial support level of $0.00000880 in the coming weeks.
Can PEPE Coin Reach AllTime High Again or Drop to Key Support Level in June
