Defying the broader market correction, PEPE Coin, the world's third-largest meme coin, has registered a 4% surge, trading at $0.0000114 with a market cap of $4.8 billion. This upward movement is notable, especially when top cryptocurrencies like Bitcoin and Ethereum are experiencing a downturn. The daily trading volume for PEPE coin currently stands at $726 million, indicating a significant interest in the meme coin.

According to technical analysis, PEPE Coin is at a critical juncture, retesting crucial support levels at $0.000011. If it successfully holds this level, it could be a turning point for the meme coin, signaling a potential breakout from the 1-day downtrend. This would present an ideal opportunity for traders to long on PEPE, as noted by analyst Crypto Scient.

However, if PEPE fails to maintain this support level, it could face a significant downside move of up to 40%, as warned by analyst Crypto Patel. The decline in PEPE Coin Open Interest also suggests a lack of bullish momentum going forward. In contrast, its immediate competitor, Dogwifhat (WIF), has tanked by 8% amid strong whale sell-offs.

Meanwhile, Shiba Inu has seen a notable surge in the burn rate, with burnt SHIB tokens rising by 1,100% in a single day. This development could potentially impact the meme coin market, making PEPE Coin's next move even more critical.

In conclusion, PEPE Coin is at a make-or-break point, and its next move will determine its fate. If it successfully holds the crucial support level, it could resume its upward journey. However, if it fails, it may face a significant downturn. As the market continues to evolve, it is essential to monitor PEPE Coin's price movements and technical analysis for a clearer understanding of its future trajectory.