Pepe (PEPE) reclaims its support level, rallying 13% and targeting $0.000010

PEPE, the popular and world's third-largest meme coin, appears to be reclaiming its crucial support level, which it lost during the recent price decline.

Pepe (PEPE), the popular and world’s third-largest meme coin, appears to be reclaiming its crucial support level, which it lost during the recent price decline.

Today, the overall cryptocurrency market is recovering. Amid this, PEPE has registered a significant 13% rally and is reclaiming its crucial support level of $0.0000063.

According to expert technical analysis, PEPE is currently at a level with a history of price reversals and upside rallies. Based on recent price action and historical patterns, if the meme coin holds the $0.0000062 level, it could soar by 60% to reach $0.000010 in the coming days.

However, the meme coin is still below the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating that it remains in a downtrend.

At the same time, the meme coin has formed a bullish pattern, known as the morning star, which signals a reversal of the prevailing downtrend.

The meme coin is currently trading at a crucial support level of $0.0000063, which it might need to hold to continue the current recovery. A breakout of the $0.000008 level could propel the meme coin further toward the $0.000010 mark.

PEPE price movements will be closely watched by cryptocurrency traders and analysts as they assess the potential for further recovery or a reversal of the recent trends in the market.

PEPE may rise 60% if it holds crucial support: analyst

Pepe (PEPE) appears to be reclaiming a crucial support level, which it lost during the recent price decline.

The overall cryptocurrency market is recovering today, and among the major gainers is Pepe, which has registered a 13% rally and is reclaiming its crucial support level of $0.0000063.

According to the expert technical analysis, PEPE is currently at a level with a history of price reversals and upside rallies.

If the meme coin manages to hold the $0.0000062 level, it could experience a 60% surge to reach $0.000010 in the coming days, as previous price movements at this point have led to significant rallies.

However, PEPE is still below the 200 Exponential Moving Average (EMA) on the daily timeframe, which indicates that it remains in a downtrend despite the recent price increase.

At the same time, PEPE has formed a bullish pattern, known as the morning star, which signals a reversal of the prevailing downtrend.

The meme coin is currently trading at a crucial support level of $0.0000063, which it might need to hold to continue the current recovery. A breakout of the $0.000008 level could propel the meme coin further toward the $0.000010 mark.

Current price momentum

PEPE price is currently trading hands close to $0.00000635, registering a 13% gain in the past 24 hours.

The meme coin’s trading volume has also risen by 15% during the same period, indicating heightened participation from traders and investors compared to the previous day.

Traders over-leveraged positions

With a bullish outlook, traders have increased their positions in the past 24 hours.

Data from the on-chain analytics firm Coinglass reveals that PEPE’s Open Interest has soared by 24% during the same period, indicating rising interest from bullish traders and the formation of new open positions.

At present, traders are over-leveraged at $0.0000061 on the lower side and $0.0000065 on the upper side. They have built $2.85 million worth of long positions and $1.26 billion in short positions over the past 24 hours.

However, these over-leveraged positions will be liquidated once the price moves in either direction. Additionally, the data shows that traders betting on the long side significantly outnumber those betting on the short side.