The price action analysis suggests that PEPE, a meme coin, could face a bearish extension after a recent pullback. While the overall crypto market is recovering, PEPE has yet to fully recover from its downturn. The daily chart shows a falling channel pattern breakdown and a recent bearish engulfing candle. However, there is a possibility of a bullish comeback if PEPE can surpass the 38.20% Fibonacci level and the 200-day EMA. But given the volatility in the market, there is a chance of a post-retest reversal, potentially testing lower support levels.



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