The world of meme coins has taken a hit recently, particularly with the Pepe memecoin experiencing a correction in the last 24 hours.
Pepe’s value took a bearish turn after reaching a new all-time high (ATH), following Bitcoin’s drop below the key support level of $68,000. This decline has impacted many leading meme coins, including Pepe, which has seen a significant drop in value.
Amidst this bearish trend, the question arises: Will Pepe be able to reach its ATH again or will it fall towards the critical support level of $0.00000880 in June? This article explores the market sentiment and price analysis of Pepe for the current week.
Pepe Coin’s Price Faces a Major Test
After a period of lackluster performance, Pepe crypto saw a remarkable 157.85% surge before hitting resistance at $0.00001150. The bulls managed to hold their ground at the $0.00000880 support level, leading to a doubling in price over the next eight days and reaching a new ATH of $0.00001718 on May 27th.
However, the euphoria was short-lived as Pepe experienced a strong bearish reversal post-ATH. The coin has been under pressure, with strong selling sentiment dominating the market.
If Pepe can maintain a price above $0.00001150, the bulls are expected to regain control, potentially pushing the price towards $0.00001410. A sustained price at this level could pave the way for a retest of the previous ATH in the coming month.
Conversely, if the bears take charge, Pepe’s price may drop below $0.00001150 and head towards the critical support level of $0.00000880 in the weeks ahead.
