PEPE price faces further downside after breakdown from rising wedge
PEPE price breakdown confirmed below $0.00001320, testing support at $0.00001226
PEPE's price is currently trading near $0.00001287, slipping further below the critical support level at $0.00001320. Over the past few sessions, the coin has broken down from a rising wedge pattern, indicating a bearish continuation in the near term.
Highlights
- PEPE price breaks down from a rising wedge, now testing support at $0.00001226.
- Rejection at $0.00001490 supply zone keeps bearish momentum intact.
- A move below $0.00001226 could signal deeper downside toward $0.00001101 and $0.00000976.
The price is now testing the 0.382 Fibonacci retracement level at $0.00001226 on the daily chart, which coincides with the lower Bollinger Band, providing temporary support. However, the rejection from the $0.00001490 supply zone remains a dominant force, keeping downward pressure intact.
Support and resistance levels define near-term direction
On the 4-hour chart, PEPE has closed multiple candles below the 20 EMA, with the 50 EMA also beginning to slope downward. The breakdown is confirmed by the recent fall through trendline support and failure to reclaim the $0.00001365–$0.00001375 region. Volume has remained muted during retest attempts, indicating weak bullish commitment. The 200 EMA sits far below at $0.00001214, acting as the last dynamic support before deeper correction zones open up.
PEPEUSD price dynamics (Source: TradingView)
From a momentum perspective, the RSI on the 30-minute chart is hovering around 34, reflecting bearish momentum but not yet reaching oversold territory. The MACD indicator shows widening negative histograms, confirming further downside pressure. Additionally, the Ichimoku Cloud has turned entirely bearish, with the price trading below all components and the cloud showing a red Kumo twist. The Stochastic RSI has also turned lower from overbought levels, suggesting that downside continuation is likely unless a significant recovery occurs.
Key support levels to watch for potential reversal
The broader daily structure still holds a higher low compared to the May 1 breakout zone near $0.00001010. If the current correction extends, key support levels to watch include $0.00001226 (0.382 Fibonacci), followed by $0.00001101 (0.5 Fibonacci), and $0.00000976 (0.618 Fibonacci), aligning with previous demand zones. On the upside, immediate resistance remains at $0.00001365 and $0.00001490. A move above $0.00001520 would be required to revalidate the bullish trend.
PEPE’s price action continues to lean toward a corrective phase, with downside risks in play unless the price reclaims key resistance zones. A clean break above $0.00001365 could signal a shift in momentum, but for now, the focus remains on support near $0.00001226.
As discussed previously, PEPE’s price remains under pressure following a breakdown from the rising wedge structure. The next key support level lies at $0.00001226, with further downside risks if this level fails to hold. The outlook remains bearish unless price action shows a significant recovery above $0.00001365.
