|
Getting your Trinity Audio player ready...
|
- PEPE remains in a confirmed bearish structure on daily and hourly charts.
- Weak volume and momentum indicators suggest sellers remain dominant.
- A Bitcoin rally could offer relief, but technical signals favor caution.
Pepe (PEPE) remains under pressure as the broader memecoin market struggles to regain momentum. The token has slipped 2.66% in the past 24 hours and is down nearly 15% over the past week, ranking among the weakest large-cap meme coins in recent sessions. While some traders are watching for a potential Bitcoin rebound to ease market stress, PEPE’s chart structure suggests sellers still have the upper hand.
Daily Chart Signals Ongoing Weakness
On the daily timeframe, PEPE confirmed a bearish swing structure after closing below a previous key low. That breakdown shifted market sentiment decisively in favor of the bears.
Price recently bounced from the $0.00000342 support level, but the reaction lacked strength. The token is now retesting the same zone, which increases the risk of a breakdown if buyers fail to defend it convincingly.
Momentum indicators reinforce the cautious outlook. The Relative Strength Index (RSI) remains tilted toward the downside, showing persistent bearish momentum. Meanwhile, On-Balance Volume (OBV) continues to trend lower, indicating limited accumulation and steady distribution. In simple terms, buying pressure has not returned in a meaningful way.
Given this setup, traders may be wary of attempting aggressive long positions at support. A failed bounce could open the door to further downside.
Lower Timeframe Confirms Seller Control
The one-hour chart aligns with the broader bearish trend. Price action continues to form lower highs, while intraday indicators show no clear shift in momentum.
The hourly RSI has recovered toward neutral levels but has not signaled strong bullish divergence. At the same time, OBV remains in a downward trajectory, confirming that sellers continue to dominate short-term flows.
Technical retracement levels between $0.00000358 and $0.0000037 may offer a potential short-term trading zone if price pushes higher. However, any hourly close above $0.00000379 would invalidate the immediate bearish outlook and suggest a possible shift in structure.
Can Bitcoin Offer Relief?
Some market participants are watching for a possible Bitcoin short squeeze toward $70,000 later this week. A sharp move in Bitcoin often provides temporary relief across altcoins and meme tokens.
Also Read: PEPE: Analyst Predicts Pepe Coin Could Soar 40X to $0.00039 Despite Whale Sell-Off
However, unless PEPE’s own structure shifts and volume improves, any bounce could remain limited.
Pepe price action remains firmly bearish across multiple timeframes. While support at $0.00000342 is holding for now, momentum and volume trends favor sellers. Unless buyers reclaim higher resistance levels, short-term rallies may continue to face heavy selling pressure.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
