Recent developments in the cryptocurrency market have pressured major coins, including Ethereum and meme coins like Pepe. Let's explore the details.
Retesting Its Falling Wedge Breakout
On the daily chart, PEPE saw an impressive 265% rally in November 2024. However, after that, its price entered a correction phase, forming a falling wedge, which led to an 80% drop to a low of $0.0000052, where it finally found support. With that bounce, PEPE managed to break out from the wedge’s descending trendline at $0.0000079 and reclaim the 50-day moving average (50 MA), reaching a short-term high of $0.00000918 before pulling back. Amid broader market weakness, PEPE is currently retesting its breakout trendline, trading around $0.0000075.
Technical Indicators and Prospects
If buyers step in at this level and successfully push the price higher, it could confirm a rebound and propel PEPE toward the next key resistance zone at $0.000010. A successful breach above this level could target the 200-day MA and the $0.00001475 price zone, representing a potential 91% rally from current levels. The MACD indicator shows signs of a bullish crossover, signaling that selling pressure might be easing. If momentum strengthens, it could confirm a shift towards a recovery phase.
What's Next for Pepe?
With PEPE currently retesting its breakout trendline, a successful bounce and a move above $0.000010 could confirm a recovery phase and trigger a bullish continuation toward higher price targets. If the broader market stabilizes, PEPE could see renewed buying interest, potentially marking the end of its prolonged downtrend.
The current market conditions are putting pressure on cryptocurrencies, but PEPE's technical analysis suggests a potential trend reversal. Key levels should be watched closely.
