Pepe (PEPE) started the new quarter under renewed pressure, trading around $0.000000948 on July 1st, marking a 2.8% intraday decline. The memecoin is approaching a major structural support zone after facing a sharp rejection from its mid-June highs.
Key Highlights
- PEPE trades at $0.000000948 after a 2.8% drop as bulls struggle to defend a critical support level.
- The price remains below all major EMAs, with MACD and DMI indicators showing growing bearish momentum.
- A breakdown below $0.00000094 could pave the way toward $0.00000090 and $0.00000087.
With bearish momentum building and short-term indicators deteriorating, PEPE enters July in a fragile technical state.
Descending Triangle Narrows Near Critical Support
The daily chart continues to reflect a macro downtrend, with the price repeatedly failing to break the $0.00000110-$0.00000120 resistance band. A descending triangle pattern has formed, anchored by a horizontal support level near $0.000000944. Repeated rejections from lower highs and sustained trading below the 100-EMA reinforce the dominant bearish structure.
PEPE Price Dynamics (Source: TradingView)
On the 4-hour timeframe, PEPE lost its grip above the 50- and 100-EMAs, with the price tracking the lower Bollinger Band. All four EMAs—20, 50, 100, and 200—are trending downward. If $0.00000094 fails to hold, the next major support zone lies near $0.00000090, the base of June's consolidation range.
Indicators Confirm Bearish Bias with Strengthening Downtrend
The 30-minute RSI slipped to 34.58, placing it in oversold territory but not yet at reversal levels. The MACD turned negative with expanding red histograms, signaling increasing selling pressure. Meanwhile, the Directional Movement Index (DMI) shows a rising ADX alongside a dominant -DI, confirming short-term bearish control. The VWAP indicator sits firmly above the price, preventing rebound attempts under low liquidity conditions.
Unless bulls reclaim the $0.00000100 level with volume and break the descending resistance, July's outlook remains weak. Traders should watch for a potential breakdown below $0.000000944, which could accelerate losses toward $0.00000090 or lower.
👉 Discover how to navigate volatile crypto markets
In a previous analysis, PEPE was noted as vulnerable under dynamic EMA resistance and a descending trendline. This setup remains intact, with the price now approaching the same support zone. As the triangle pattern tightens, the next move will likely set the tone for early July.
FAQs
What’s driving PEPE’s current price decline?
The drop stems from failed breakout attempts, bearish technical indicators, and broader market sentiment affecting memecoins.
How strong is the $0.000000944 support level?
This level has held multiple tests since June, but a breakdown with high volume could trigger further downside.
What’s the bullish scenario for PEPE?
A reversal would require reclaiming $0.00000100 with strong volume and breaking the descending trendline.
Are there any upcoming catalysts for PEPE?
While largely sentiment-driven, shifts in Bitcoin’s momentum or memecoin trends could influence PEPE’s direction.
👉 Learn expert strategies for trading volatile assets
This material may contain third-party opinions and does not constitute financial advice.