PEPE Meme coin price is under bearish pressure and is testing the support at $0.00001732. Can it recover or will it retest the critical level of $0.000014451?
As Bitcoin price remains below the $100,000 mark, the bearish influence on meme coins continues to increase. The meme coin market cap has fallen to $97.83 billion, down 3.48% in the last 24 hours.
Amid this downturn, PEPE’s price has fallen by 6.62% over the same period, reducing its market cap to $7.33 billion. As bearish pressure mounts, will PEPE witness a short-term pullback to 7-day lows of $0.000014451?
PEPE price analysis
On the 4-hour chart, PEPE price action shows a failed attempt at a round bottom breakout. The price failed to cross the neckline at $0.00001988 and higher price rejection kept the peak price below the 38.20% Fibonacci level.
The key Fibonacci resistance level is at $0.00001921. The bearish reversal in PEPE price is now testing the 23.60% Fibonacci level at $0.00001739.
This results in a 10% price drop and a break below the 20-EMA line. Together with the crucial Fibonacci resistance, the dynamic average line at 50 EMA keeps the bullish growth in check.
Furthermore, the bearish trend reversal results in a negative crossover of the MACD and signal lines. Additionally, the 100 and 200 EMA lines are on the verge of a bearish crossover. Therefore, the technical indicators give a sell signal for the PEPE meme coin.
PEPE price target
Based on price action, the crucial support at $0.00001732 and the 23.60% Fibonacci level form a solid demand zone for PEPE. However, closer down…
