PEPE Coin, the world's third-largest meme coin, has seen a significant price surge of 4% despite the broader market correction. Currently trading at $0.0000114 with a market cap of $4.8 billion, PEPE Coin is at a critical juncture, retesting crucial support levels. Technical analysis suggests that failure to maintain this support could result in a substantial downside move of up to 40%.

PEPE Coin's strength is evident in its ability to turn its previous all-time high into a support level after successfully retesting the 1-day 100 EMA. Analysts anticipate a potential breakout from the 1-day downtrend, signaling an ideal opportunity to long on PEPE. However, the coin's Open Interest has been declining, suggesting a lack of bullish momentum.

In contrast, PEPE's competitor Dogwifhat (WIF) has experienced a significant price drop of 8% to $1.77, amid strong whale sell-offs. Meanwhile, Shiba Inu has seen a notable surge in burn rate, with burnt SHIB tokens rising by 1,100% in a single day.

The current market dynamics highlight the volatility and unpredictability of the cryptocurrency space. As PEPE Coin navigates this critical support level, market participants eagerly await its next move, which could have significant implications for the broader meme coin market. Will PEPE Coin maintain its support and continue its upward journey, or will it succumb to the bears? Only time will tell.