PEPE Meme Coin Drops 6% Amid Bearish Technical Breakdown

PEPE, a popular meme coin, has experienced a significant decline in its price, currently trading near $0.00001300, marking a nearly 6% decrease over the past 24 hours. This downward trend follows a failed attempt to maintain its position above the $0.00001420 zone, leading to a breach of its short-term trendline and mid-Bollinger Band support. This technical breakdown signals a bearish shift in near-term sentiment, with further volatility anticipated as momentum indicators turn negative across multiple timeframes.

The recent price action of PEPE reflects a sharp rejection from the $0.00001630 swing high observed on May 22. This level aligns with the 0.382 Fibonacci retracement on the weekly chart, acting as a strong resistance. On the 4-hour chart, PEPE broke below a rising wedge pattern that had supported the previous upside movement since May 20. The breakdown accelerated after breaching the 20 and 50 EMA clusters around $0.00001375–$0.00001395, with the candle close confirming bearish intent.

Currently, the price is hovering around the lower Bollinger Band and just above the 100 EMA at $0.00001294, which serves as immediate support. If this level is breached, the next support zones are visible near $0.00001200 and $0.00001050, based on prior consolidation zones and the daily structure.

The downward movement of PEPE's price can be attributed to fading momentum, bearish divergence on lower timeframes, and a breakdown from a short-term rising wedge. On the 30-minute and 4-hour charts, the RSI has slipped into oversold territory near 26, while the MACD shows expanding bearish histogram bars with a strong bearish crossover. This indicates continued downside pressure unless buyers step in aggressively near the key EMAs.

Additionally, the Ichimoku Cloud has turned red on the 30-minute frame, with the price breaking decisively below the cloud support. PEPE now trades below all baseline and conversion lines, suggesting a confirmed downtrend unless a sharp reversal occurs in the next few sessions.

The latest PEPE price update indicates a weakening structure on both intraday and daily charts. The daily chart shows a rejection from the Fib resistance near $0.00001630 and multiple failed attempts to reclaim that level over the last three days. The Bollinger Bands on the 4-hour chart have widened, with the price nearing the lower band, hinting at increased volatility. MACD on the 1-hour and 30-minute charts is deeply negative, and the Stochastic RSI has dropped to 0.00, reinforcing exhaustion. PEPE is also sitting under a major descending trendline that extends from its yearly high, further capping breakout attempts.

If bulls can defend the $0.00001294–$0.00001284 cluster, a short-term bounce may be possible. However, unless the price closes back above $0.00001400 with strong volume, rallies are likely to be sold into.

Looking ahead, if PEPE fails to hold above $0.00001280, a retest of the $0.00001160–$0.00001050 support zone appears likely. On the flip side, any relief rally will face initial resistance at $0.00001375, followed by the key level of $0.00001440. A break above $0.00001480 would invalidate the short-term bearish thesis and open the door toward $0.00001630 again.

Unless PEPE can reclaim the short-term EMAs and flip the RSI back above 40, the bias remains tilted toward the downside heading into May 26. Traders should watch closely for a bullish divergence or reversal confirmation near the $0.00001280 zone before considering long setups.