#Write2Earn Current Analysis of Bitcoin and Pepe Coin

Bitcoin Overview

Bitcoin is currently stabilizing around the $102,000 mark, which has contributed to a recovery in the overall cryptocurrency market, including meme coins like Pepe Coin. This stability has led to a surge in the total meme coin market valuation, which recently dipped to $87 billion before recovering to $92.71 billion.¹

Pepe Coin Analysis

Current Price and Trends

Pepe Coin (PEPE) is trading at $0.00001198, with a 6.3% increase. The coin's price action reveals a potential bull trap with a 38% downside risk. Despite an intraday recovery of 9.49%, PEPE's recent pullback suggests the possibility of an extended correction following a retest.²

Technical Indicators

- *Bullish Harami Pattern*: PEPE's price formed a bullish harami pattern, indicating potential trend reversal.

- *Fibonacci Levels*: The intraday recovery is testing the 38.20% Fibonacci level at $0.00001252. Sustained recovery would require surpassing the 200-day EMA.

- *Moving Averages*: A negative crossover between the 20 and 100 EMA lines suggests a strong selling signal.

- *RSI*: The daily RSI has shifted away from the oversold boundary, supporting the intraday recovery.

Potential Price Targets

- *Support Levels*: $0.000010 (psychological support), $0.00000792 (potential loss of 38% from current price)

- *Resistance Levels*: $0.00001252 (38.20% Fibonacci level), $0.00001302, $0.00001327, $0.00001359 (classical pivot point resistance levels)

Market Sentiment and Correlation

- *Fear & Greed Index*: 75 (Greed), indicating a bullish sentiment.

- *Correlation*: Pepe Coin's price is positively correlated with Dogecoin (0.988), GALA (0.982), XRP (0.979), and negatively correlated with Story (-0.587), Curve DAO Token (-0.452).³