Pepe Meme Coin Plunges to 3-Month Low, Bulls Eye Recovery

Pepe, a popular meme coin, experienced a significant decline last week, falling to a 3-month low after initiating a sell at $0.000022 in January. The market is uncertain about whether Pepe will recover from these heavy losses. Despite the recent sell-off, Pepe's overall market structure appears oversold on the daily chart, with a sharp bounce from the $0.000008 level. This bounce signals a potential buy opportunity and suggests that the price may increase in the coming days. However, if the meme coin continues to supply, the sell-off may extend.

Reclaiming the closest previous high would pave the way for bulls and give them control to mount pressure for days. Breaking lower, however, could cause another crash and potentially end the mid-term bullish run. Nevertheless, there is still hope for the bulls, as Pepe is within a buying range from a long-term perspective. The recent sudden rejection indicates exhaustion in selling from a technical standpoint, suggesting a bullish move is underway.

If the bulls take advantage of the oversold condition, we may see a climb above the immediate $0.0000114 level. Above it lies the $0.0000147 resistance along with $0.000018. Retaking the $0.000022 resistance would signal a trend shift. The $0.00001 level is holding as support. If the price dips below it, the $0.000008 level would be the next support to consider for drops. Below it lies $0.0000065.