PEPE price holds near $0.00001157 as falling wedge structure faces key breakout decision
PEPE consolidates inside falling wedge near $0.00001100 as traders watch for breakout or breakdown
PEPE is trading near $0.00001174 on June 2 after a notable decline from the $0.00001460 resistance zone, with current price action hovering just above the 0.618 Fibonacci retracement level at $0.00001206. The memecoin’s technical outlook remains fragile as it sits beneath broken support and inside a tightening wedge pattern.
Key highlights
- PEPE trades near $0.00001157 after rejecting the $0.00001460 zone and breaking key Fib support.
- Price action is consolidating inside a falling wedge, with critical support near $0.00001100.
- Short-term indicators suggest weakening bearish momentum but no confirmed bullish reversal yet.
Traders are now watching closely for confirmation of either a breakout or a deeper downside move in the coming sessions.
Momentum compression signals possible range resolution
The daily chart reveals a falling wedge structure converging near the $0.00001100 level. A decisive break below this support could trigger a decline toward $0.00000920–$0.00000880, areas previously defined by historical accumulation. However, a successful hold could prompt a rebound toward $0.00001280 and possibly $0.00001320–$0.00001450, where prior rallies have been capped.
PEPE price dynamics (Source: TradingView)
On the 4-hour timeframe, PEPE is consolidating below the 100 and 200 EMA slopes, both of which have turned lower. Bollinger Bands are tightening, suggesting a breakout is imminent. The resistance zone near $0.00001200 continues to act as the ceiling, with price needing a strong volume push to overcome this level.
Short-term indicators hint at stabilization
The 30-minute RSI has climbed to 48, recovering from oversold territory without reaching full bullish strength. MACD is flat, while the Stochastic RSI has shown a minor bullish crossover, supporting the possibility of a short-term bounce. However, Ichimoku Cloud analysis shows PEPE trading inside a flat Kumo with limited momentum, and the Chande Momentum Oscillator remains deeply negative at -46.29.
Outlook for June 3: PEPE is expected to remain rangebound between $0.00001100 and $0.00001200 unless a breakout confirms. A daily close above $0.00001280 would improve bullish odds. If $0.00001100 fails, downside risk increases toward $0.00000920.
In recent updates, PEPE was noted to be at risk of further downside below the 0.5 Fibonacci level near $0.00001448. That breakdown has since played out, and price is now testing the next crucial support band at the 0.618 retracement. Holding this zone is critical to prevent a slide into the $0.00000800–$0.00000920 range.
