PEPE Price Hints at a Potential 20% Drop This Month

As Bitcoin’s price falls below its critical support level of $68,000, the memecoin category faces a significant decline, with top memecoins losing substantial value.

PEPE token continues to exhibit strong bearish trends, dropping approximately 2% in the past day and 13.96% over the past week.

With increasing bearish sentiment, will PEPE retest its ATH or fall to the key support level of $0.00000880 in June? This analysis explores PEPE’s market sentiment and price outlook for the week.

PEPE Coin Retests Major Support Level

After over a week of weak price action, PEPE gained momentum, surging 157.85% before correcting at the $0.00001150 resistance level.

Bulls regained strength at the $0.00000880 support, leading to a twofold increase and a new ATH of $0.00001718 on May 27.

However, after hitting its ATH, PEPE experienced a strong bearish reversal and has since been trading downwards, indicating increased selling pressure.

Technical Indicators

The MACD shows a significant rise in the red histogram, indicating increased selling pressure on altcoins in the crypto space. The moving averages also show a sharp decline, suggesting continued price depreciation in the near term.

Will PEPE Reach $0.00002 Soon?

If the market sustains the price above the $0.00001150 support, bulls may regain momentum, pushing PEPE to test the $0.00001410 resistance.

Maintaining this level could prepare PEPE for retesting its previous high this month. Conversely, if bears dominate, PEPE’s price could break below $0.00001150 and head towards the key support level of $0.00000880 in the coming weeks.