PEPE, one of the most volatile memecoins, has recently faced a correction. Let's explore the current market situation, technical aspects, and possible scenarios for future price movement.
Current Market Situation of PEPE
PEPE reached a peak of $0.000028 in late 2024 and has since entered a corrective phase, currently hovering near $0.00001. Technical indicators suggest a shift in price momentum, with RSI dipping below neutral levels and MACD signaling bearish divergence.
Technical Analysis and Resistance Levels
On the daily chart, PEPE has lost momentum after repeated rejections near the $0.000012 resistance zone. This level has formed a short-term ceiling, with each rally attempt being met with selling pressure. However, the tokens sustain a bullish pattern, indicating potential upside, provided levels above $0.000011 are maintained.
Prospects and Possible Scenarios
PEPE has printed a clear falling wedge pattern with multiple bounces on both support and resistance. It is hovering near the wedge apex while holding just above a key support zone below $0.00001. A bearish break could test the support at $0.000095, whereas a bullish continuation might help price reclaim $0.0000115 to $0.000012.
Current price movements of PEPE indicate a high degree of volatility. Monitoring key support and resistance levels will be crucial for assessing future trends.
