Meme Coin Pepe Drops 20% in Two Weeks

Pepe, a popular meme coin, has experienced a significant downturn over the past few weeks, losing over 20% of its value in just two weeks. This decline has led to a correction phase for several other meme coins, which had previously seen a major recovery within a month. Pepe is now approaching a crucial support level that was previously broken as resistance during the early May upsurge.

Despite a minor recovery in the past few hours, which has caused a slight break in the selling, there is still potential for further drawdowns on the daily scale. A retest at the mentioned broken resistance could trigger a fresh buy, potentially bringing the bulls back on track in the short term. However, recent price actions suggest that Pepe is still in a correction phase, maintaining a lower low and lower high pattern on the 4-hour timeframe, indicating more drops are expected.

Even if the price manages to rebound, it must reclaim last month’s resistance level before a bullish continuation pattern of the higher high and higher low pattern initiated in March can be considered. From a short-term perspective, there is still hope for the bulls. Pepe’s key support levels to watch are $0.0000098, $0.00000835, and $0.000007. If the price rolls over, these levels could provide support. Conversely, rebounding above the weekly high of $0.000013 could allow a recovery to the $0.0000154 resistance before surging to $0.000018 and $0.0000219. Key resistance levels to monitor are $0.000013, $0.0000154, and $0.000018.