As the altcoin market experiences a gradual recovery, meme coins are showing signs of renewed momentum. Among them, the frog-themed PEPE has registered a 1.67% gain over the past 24 hours. Despite this upward movement, PEPE remains below the crucial $0.000010 psychological resistance, leaving investors uncertain about its next direction.
PEPE Price Analysis: A Crucial Turning Point
PEPE’s price action on the daily chart reveals a notable reversal, reflecting intense bearish pressure. The breakdown from a falling wedge pattern has transitioned into a triangle formation, forming a bearish pennant. Currently, PEPE is trading at $0.0000094816, following a short-term intraday recovery of 1.46%.
This recovery hints at a potential morning star pattern, which, if confirmed, could push PEPE toward the overhead trendline near the $0.000010 mark. However, bearish signals remain strong. A “death cross” has emerged due to a bearish crossover between the 50-day and 200-day EMA lines, indicating continued downward pressure.
Furthermore, the pennant formation suggests a continuation of the bearish trend. Since the start of 2025, PEPE has plunged by 52%, raising concerns among traders about its long-term viability.
Analyst Insights: Critical Support Levels
Crypto analyst Ali Martinez recently pointed out a key support level at $0.0000092 in an X post. He highlighted that if PEPE closes below this level, a sharp decline toward $0.0000031 could follow. This prediction aligns with the 67.80% Fibonacci retracement level, but some analysts believe the bearish target might be overly aggressive.
$PEPE will reach $0.0000031 if it closes below $0.0000092 on the daily chart! pic.twitter.com/QfDd8t0AZw
— Ali (@ali_charts) February 19, 2025
Instead, PEPE could find intermediate support at $0.00000706 and $0.00000492, potentially preventing a more severe downturn.
PEPE’s Next Move: Price Targets
From a technical standpoint, PEPE could see a breakout rally if it reclaims the local resistance trendline. In such a scenario, the meme coin may challenge the 50-day EMA near the 50% Fibonacci level at $0.0000132674.
Conversely, a bearish breakdown might drag PEPE toward the $0.0000066378 support level, reinforcing the uncertainty surrounding its future trajectory.
Also Read: BNB Chain Revival: PancakeSwap Leads DEX Market as CAKE and BNB Prices Soar
For now, traders remain watchful as PEPE teeters at a critical juncture, awaiting a decisive move.
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 CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
