The $70000 price recovery of Bitcoin set off a fresh trend of recovery in other big cryptocurrencies that have an impact on memecoin.

Over the course of the week, the leading assets in this sector, including Dogecoin, Shiba Inu, Bonk, and Pepe, saw double-digit gains. As a result, Pepe, a memecoin with a frog theme, increased by 31.5% from $0.0000058 to its current trading price of $0.00000766. Will we see a comeback all the way to $0.00001?

The third week of March saw a significant drop in the cryptocurrency market, bringing the price of Pepe Coin down to $0.000006. The 50% retracement level and this psychological level provide buyers with a large Area of Interest (AOI) to stop further price correction.

Theoretically, a price decline to the 50% Fibonacci level is regarded as a suitable retracement for buyers to regain positive momentum. Recently, this has reversed

The rising trendline and support have helped to retest the supply zone at $0.00000857.

The higher low shape suggests that in order to drive a strong momentum rally, buyers are progressively tightening their hold on this asset.

Presently, the price of Pepe Coin is $0.00000810, up 0.37% on the day. This memecoin with a frog theme is one among the top 50 cryptocurrencies according to CoinMarketCap, with a market worth of 3,4 billion.

The PEPE price is to break above the $0.00000086 neckline, which will pave the way for a stronger rebound. The memecoin value might rise 25% and challenge the $0.0000108 high as a result of the post-breakout rally.

But a collapse pattern's lower trendline may invalidate the bullish thesis and accelerate the selling pressure for prolonged correction.