PEPE pulls back 5% after hitting resistance near $0.00000936. Whale accumulation hints at a potential recovery toward $0.00001025 and possibly $0.00001584.

As the crypto market experiences an intraday pullback, the meme coin segment is flashing red. The total market cap of the meme coin sector has dropped by 3.47% to $52.05 billion.

Pepe price slipped by 5% after hitting resistance near the 100-day EMA.

The meme coin could find support at the 50-day EMA and 50% Fibonacci level.

After a strong run-up, Pepe price is showing signs of a minor pullback, which could be setting up the meme coin for a sharper decline.

As the crypto market experiences an intraday pullback, the meme coin segment is flashing red. The total market cap of the meme coin sector has dropped by 3.47% to $52.05 billion.

Among the top meme coins, Dogecoin, Shiba Inu, and PEPE have seen pullbacks ranging from 6% to 9%. Currently, PEPE is trading at $0.000008366 while still holding onto a 7-day gain of nearly 14%.

Pepe price chart analysis

In the daily chart, Pepe’s price action showcases a bullish breakout of a falling wedge pattern. This has led to a significant rise in market prices.

With a post-retest turnaround, Pepe’s recovery run surpassed the 50-day EMA line at $0.000007872. On April 22, PEPE posted a nearly 14% surge, forming a bullish engulfing candle.

However, the uptrend failed to surpass the 100-day EMA line at $0.000009360. Taking a bearish turnaround from the dynamic resistance, Pepe witnessed a minor intraday pullback.

Currently, it is trading at $0.0000083 with a pullback of nearly 5%. This creates an evening star pattern from the dynamic resistance, teasing a sharper correction move.

Additionally, this bearish reversal reflects a failed attempt to maintain a position above the $0.000008832 resistance level, considered the neckline of a double bottom pattern.

If PEPE fails to sustain above this neckline, the bullish pattern may be invalidated. Nonetheless, the MACD and Signal lines still show a positive trend, which supports the potential for continued upward momentum.

The appearance of bullish histogram bars further supports the likelihood of an extended rally.

Whale adds more PEPE amid bullish momentum

In other news, a wallet possibly belonging to Bitpanda has been adding more PEPE to its holdings amid the recent price surge.

Over the past 48 hours, the wallet has been accumulating PEPE tokens, and its recent purchase of 208 billion PEPE at an average price of nearly $0.0079 brings the total to 553 billion PEPE, valued at about $4.4 million.

Pepe price targets

According to Fibonacci retracement levels, a successful breakout above the double bottom neckline could lead PEPE to test the 23.60% Fibonacci level at $0.00001025.

If momentum continues, the next key target would be the 50% Fibonacci level at $0.00001584.

On the downside, key support remains at the 50-day EMA around $0.000007873, followed by horizontal support at $0.0000052.