Pepe Drops 1.925% as Bitcoin's Bounce Fails to Sustain Momentum

Pepe's latest price was $0.00001358, down 1.925% in the last 24 hours. The memecoin opened the week still in the grip of a bearish hangover from the previous cycle. However, a brief flicker of green came with Bitcoin’s bounce back, providing a modest lift. But what really followed was a textbook case of capital rotation. The PEPE/BTC pair saw a jaw-dropping spike in less than a week, with PEPE breaking through key resistance levels in rapid succession. Now, though, the RSI is flashing some overheating signs after hitting a ceiling and starting to slide south. PEPE’s next move will depend heavily on Bitcoin’s action. For bulls to stay in control, BTC needs to break its local top and keep the capital flowing into memecoins for those sweet, quick gains.

Pepe (PEPE) rallied sharply from the 50-day SMA and broke above the overhead resistance on May 8. The rally has pushed the RSI into the overbought territory, indicating a minor pullback or consolidation is possible in the near term. The first support on the downside is and then. If the price turns up from the support levels, the PEPE/USDT pair could extend the rally to and later to. The optimistic view will be invalidated in the near term if the price breaks below. That could result in a range formation between and. The bulls pushed the price above the resistance but could not sustain the higher levels. A minor positive in favor of the bulls is that they have not ceded much ground to the bears. That suggests the bulls are holding on to their positions as they anticipate the up move to continue. If the price turns up from the current level of the 20-EMA and breaks above, the rally could reach. A deeper correction could begin if the price continues lower and plummets below the 20-EMA. That could sink the pair toward the solid support at.