PEPE Price Alert: Bearish Target Set at $0.00000185 Following Break Below Neckline

As the meme coin PEPE began trading around $0.000005809 earlier today, the bulls initially held strong. However, as trading progressed, the bears took over, causing the price to drop to a low of $0.00000555. Currently, according to CoinMarketCap data, PEPE is trading at $0.000005552, and its daily trading volume has decreased by more than 52.77%, totaling $319.42 million.

Key Takeaways:

PEPE has broken below a key neckline, signaling a bearish target of $0.00000185.
Current trading price is around $0.000005552, with substantial volume drop.
Technical indicators suggest ongoing bearish momentum with potential for minor recoveries.
Key support and resistance levels to watch are $0.000005544 and $0.000005560, respectively.

Latest Crypto Updates: Is momentum lacking? Will DOGE rally its bulls back before falling below $0.10?

PEPE Price Alert: Bearish Target Set at $0.00000185

Analysis from Ali Chart reveals that PEPE has created a head and shoulders pattern—a traditional indicator of a bearish reversal. The price breaking below the neckline suggests that bearish momentum may persist, aiming for a target around $0.00000185. The chart also indicates potential interim support and small bounce opportunities.

Will the Downtrend Continue for PEPE?

Currently, PEPE's Moving Average Convergence Divergence (MACD) line and signal line have dipped below the zero line, pointing to an ongoing bearish trend. Any potential bullish crossover seems limited, as both lines must rise above the zero line for significant upward momentum.

PEPE chart (Source: TradingView)

The Chaikin Money Flow (CMF) indicator sits at 0.09, suggesting a slight buying pressure in the market. A positive CMF indicates that some money is flowing into the asset; however, the buying activity appears to be cautious rather than aggressive.

Additionally, the Relative Strength Index (RSI) of 37.08 reflects bearish sentiment, suggesting the price could drop further and approach the oversold area, which may also serve as a bounce zone. PEPE’s Bull Bear Power (BBP) reading at -0.00000020 suggests that bears are currently in control, but the selling pressure is weak, indicating a nearly neutral momentum.

The price chart presents a bearish trading pattern, and PEPE might test the support range at $0.000005544 again. Should the downside momentum intensify, we could see bears pushing the price below the recent lows near $0.000005536.

Conversely, if PEPE can reverse the trend and enter an upward phase, it could see prices rise toward the $0.000005560 mark. A sustained bullish correction might compel strong bulls to push towards the critical resistance level of $0.000005568.