Meme coin PEPE (CRYPTO:PEPE) is currently facing a crucial support level amid a broader market correction, with its price delicately poised just above the $0.00000633 threshold.

Despite recent declines, investor confidence remains strong, with a notable shift of tokens from short-term to mid-term holders, indicating a belief in future potential gains.

Additionally, crypto whales have begun accumulating PEPE, bringing in approximately $26 million worth of the meme coin in a single day.

With positive signals from the Ichimoku cloud and bullish investor sentiment, PEPE could potentially rebound and reach new all-time highs above $0.00001000.

However, a breakdown of current support levels may lead to a corrective phase, challenging the bullish outlook and pushing the price down to the next support level at $0.00000474.