PEPE Drops 7.5% After Rejection Near $0.000014

On May 20, the price of PEPE, a meme coin, was hovering around $0.00001285, marking a nearly 7.5% decline over the past 24 hours. This drop followed a sharp intraday rejection near the $0.00001390 level, after a volatile rally earlier in the week that pushed the coin above $0.000014. Despite the strong upside momentum observed from May 7 to May 13, the recent price action indicates rising hesitation from bulls as multiple resistance zones converge near the highs.

On the 4-hour chart, PEPE is trading within a newly forming symmetrical triangle after breaking out of an earlier bullish channel. The recent rejection near $0.00001424 aligns with a horizontal supply band and a descending trendline from the May 13 peak. While short-term momentum has cooled, the broader structure remains intact as long as the $0.00001270 support zone holds.

On the daily chart, PEPE is consolidating just below the weekly 50% Fibonacci retracement level around $0.00001448, which acts as a medium-term pivot for directional bias. A decisive close above this level could reignite bullish momentum toward $0.00001775 and $0.00002181, both historical rejection points from late 2024.

The current PEPE price update shows clear evidence of short-term bearish divergence. On the 30-minute chart, the Relative Strength Index (RSI) has dipped to 38.99, moving below the neutral 50 mark, while the Moving Average Convergence Divergence (MACD) has shifted into a mild bearish crossover. These signals reflect waning momentum following an overheated rally earlier in the week.

The Bollinger Bands on the 4-hour chart are starting to compress again, suggesting PEPE price volatility is entering a contraction phase. Historically, this type of compression has preceded major breakout moves. Whether the next leg is higher or lower depends on the defense of the $0.00001270 level, which also marks the lower Bollinger Band and EMA20 convergence.

Ichimoku Cloud analysis on the 30-minute chart adds further caution. The price has slipped inside the cloud with the Tenkan-Sen crossing below the Kijun-Sen — a weakening short-term trend signal. The Chikou Span is also dipping beneath the candle body structure, hinting at a loss of buyer strength.

Despite the recent dip, PEPE price action continues to respect its rising trendline support from early May. This trendline intersects the $0.00001270–$0.00001280 zone, making it crucial for bulls to hold. A breakdown from this level could invite a retest of deeper support around $0.00001186, where the 100 EMA sits, followed by $0.00001052, the 200 EMA on the 4H chart.

Zooming out, the weekly chart shows PEPE respecting the 0.618 Fib level near $0.00001120, which may act as a long-term base. As long as bulls defend this band, the uptrend that began in April may still have legs going into late May.

For a bullish reversal to materialize, PEPE must reclaim the $0.00001320–$0.00001355 range with volume. This area has repeatedly rejected price since May 17 and marks the neckline of the current triangle pattern. If broken, it could trigger a fresh breakout targeting $0.00001420 and beyond.

On the flip side, a failure to hold $0.00001270 could shift the momentum decisively in favor of bears, potentially dragging PEPE price back to its 200 EMA zone or even toward the Fib base near $0.00001120.

Given the flattening MACD, declining RSI, and tightening Bollinger Bands, a major move is likely to unfold over the next 24–48 hours. Traders should monitor volume closely and watch for confirmation at the triangle apex and EMA cross zones.