PEPE Price Falls 64% From Peak Amid Bearish Indicators

PEPE, a highly volatile memecoin, is currently at a pivotal moment. After reaching a peak of $0.000028 in late 2024, the asset has entered a corrective phase, now trading around $0.00001. Technical indicators suggest a shift in momentum, with the Relative Strength Index (RSI) falling below neutral levels and the Moving Average Convergence Divergence (MACD) indicating bearish divergence. Whale movements and profit-taking activities are exerting downward pressure on the price.

On the daily chart, PEPE has lost momentum after facing repeated rejections near the $0.000012 resistance zone. This level has acted as a short-term ceiling, with each rally attempt met with selling pressure. Despite this, the token maintains a bullish pattern, suggesting a potential upswing. However, securing levels above $0.000011 is crucial to avoid further bearish pressure.

The PEPE price has formed a clear falling wedge pattern with multiple bounces on both support and resistance levels. The price is currently near the wedge apex, holding just above a key support zone below $0.00001. A bullish breakout could propel the price toward the $0.0000135 to $0.000014 resistance zone, where previous liquidity was pooled. While the RSI shows bullish divergence, the Ichimoku cloud presents some concerns.

The conversion line has declined and maintains a steep downward trend, while the cloud has turned bearish. This indicates that PEPE continues to face significant selling pressure, with consistently decreasing volume. The MACD has also turned bearish, with a declining histogram, signaling waning bullish strength. If the support breaks, the next support level at $0.000095 could be tested. Conversely, a bullish continuation could help the price reclaim the $0.0000115 to $0.000012 range.

Market sentiment remains neutral, with key technical indicators suggesting a consolidation phase. Traders do not appear to be in a panic state, but the current chart patterns indicate a possible short-term downside. Long-term investors may face a significant correction if the support levels are not maintained.