PEPE's 24% rally shows resilience. Despite a dip, the meme coin could break past $0.000010 in May. Is PEPE's growth momentum here to stay.

This dip isn't surprising, as the frogs are facing a tough resistance zone, one that they haven't managed to break since February. But could this be a temporary pause before PEPE gears up for more action in May?

PEPE price has risen sharply in recent weeks, but it now appears to be entering a cooling-off stage. However, the overall outlook remains positive, and the bulls may be aiming for a continuation of the recent trend.

What happened: PEPE price saw a 24% increase in the last 24 hours, breaking past the $0.0000060 resistance level. However, it has since lost some gains and is down around 4% on the day.

Despite the correction, PEPE is still up more than 1,000% for the year to date, making it one of the best-performing cryptocurrencies in 2024 so far.

At press time, PEPE is trading at $0.0000050, still above the crucial support level of $0.0000040, which it managed to hold during a brief period of selling pressure on Thursday.

Why it matters: A closer look at the recent PEPE price movements reveals interesting trends that could influence its future movement.

* Usually, when a significant resistance level is breached, investors quickly take profits, anticipating a pullback. This leads to a rapid increase in realized profits and a subsequent decline in price. However, in the case of PEPE, despite some profit-taking, the price has remained relatively stable, indicating strong buying pressure.

* Investors are holding their positions, possibly driven by the fear of missing out (FOMO) on further gains. This is evident in the realized profits, which have not surged to the extent seen during previous corrections.

* Additionally, PEPE's supply held by the top 1% of addresses has reached a yearly high of 85.162%, and the number of new addresses at $0.00000884 has surged to a monthly high of 1,387. These factors highlight the strong demand for PEPE, even as some selling pressure remains.

What's next for PEPE price: As May progresses, all signs point to PEPE potentially reclaiming key supply zones that it has struggled with in the past. If the bulls continue to control the market, PEPE could easily break through the $0.000010 resistance and head toward new highs.

However, if the bears manage to regain control and push the price below the crucial support level of $0.0000040, it could open the door for further declines.

Overall, the technical analysis suggests that the recent dip in PEPE price could be a temporary pause in the bullish trend. The strong demand, lack of panic selling, and potential for lower prices in the coming weeks create a favorable opportunity for long-term investors to enter or average down their positions in PEPE.