PEPE Coin, the world's third-largest meme coin, has defied the broader market correction and registered a 4% surge, trading at $0.0000114 with a market cap of $4.8 billion. However, the meme coin is currently at a critical juncture, facing a make-or-break situation.

Technical analysis shows that PEPE is retesting a crucial support level of $0.000011. This support level is crucial for the meme coin's future trajectory. If PEPE manages to hold this support, it could signal an opportunity for traders to go long on the asset. However, if PEPE fails to maintain this support, it could face a significant downside move of up to 40%.

Crypto analysts are closely watching the potential breakout from the 1-day downtrend, which could provide an ideal entry point for long positions. The PEPE Coin Open Interest has also been on a decline, suggesting a lack of bullish momentum going forward.

In contrast, PEPE's immediate competitor, Dogwifhat (WIF), has seen a significant 8% drop, trading at $1.77. This price drop comes amid strong whale sell-offs, with a WIF whale depositing 12.66 million WIF coins worth $23.4 million to the Binance exchange.

Meanwhile, the Shiba Inu (SHIB) token has seen a notable surge in its burn rate, with the burnt SHIB tokens rising by 1,100% in a single day. This development could potentially impact the broader meme coin market sentiment.

The PEPE Coin price action is at a critical juncture, and its ability to maintain the $0.000011 support level will be crucial in determining its future trajectory. Investors and traders will be closely monitoring the meme coin's performance in the coming days to assess whether it can regain its bullish momentum or face a significant reversal.