"PEPE Memecoin Crashes: Bears Rule as Support Breaks"

PEPE, a memecoin that gained popularity in recent months, has faced a significant setback as it was rejected at $0.00009, raising doubts about its potential recovery. The token's price fell below the support zone established in February, indicating that bears remained in control of the market.

The slight bullish momentum divergence observed in recent days may not translate into a substantial price bounce in the near future. PEPE retested a key level as resistance, which came after it slipped below the 78.6% retracement level based on the rally that started in the second half of 2024. The loss of the February lows further solidified the bearish pressure on the token.

PEPE was not the only token suffering under the yoke of sellers; the memecoin sector as a whole experienced a common theme of bearish pressure. The price of PEPE fell below the support level it established in February and retested as resistance during the Sunday pump. Since then, the price has made a new lower low, continuing the downtrend.

The On-Balance Volume (OBV) has been relatively flat since late December, with low spot trading volume. While this was a slightly positive sign, it did not prevent bulls from experiencing more pain. The Relative Strength Index (RSI) has been below neutral 50 for most of 2025, showcasing the memecoin's bearish trend. Although a hidden bullish divergence was formed between the RSI and the price over the past few days, this kind of divergence is usually weak and may not result in an immediate bounce.

The 4-hour chart showed a range formation toward the end of February, with a deviation to the upside that retested the $0.00009 resistance and fell below the range lows. However, the OBV was floating around the same local lows, suggesting that this deviation might not be a move higher. The firm rejection from $0.00009 indicated that bears were firmly in control, with the mid-range level coinciding with the low set on the 3rd of February as an additional short-term price target that could stall any bullish efforts.

The lack of liquidation levels below current market prices suggested that the price might consolidate around $0.00007 before moving anywhere. Across different periods, the $0.