The price of Pepe dropped by 9% in the last 24 hours to trade at $0.00001841 as of 11:11 p.m. EST on Monday. The Pepe price encountered resistance at a key moving average, sparking a downturn. However, a new alternative meme coin, Wall Street Pepe (WEPE), is surging in popularity. Cryptonews, a popular crypto channel on YouTube with over 14.5K subscribers, says WEPE could be the next massive degen play.
The PEPE price daily chart shows a recent consolidation phase after a sharp rally in late 2024. As the price of Pepe broke out of the horizontal resistance zone (highlighted in orange) around $0.00002262, the upward momentum stalled and formed a flag-like pattern (marked in orange lines), which is often considered a continuation pattern, according to data from GeckoTerminal.
The price of PEPE currently sits just below the 50-day Simple Moving Average (SMA) at $0.0000206, while the 200-day SMA at $0.00001264 remains significantly lower, indicating that the long-term trend is still bullish.
Meanwhile, the purple support zone (previous resistance) around $0.0000184 is being tested and has been held thus far.
However, it's worth noting that PEPE has broken below the ascending channel, which served as a short-term bullish trendline. The RSI is at 44.27, which is slightly below the neutral level of 50. This suggests that momentum is weakening but not yet oversold.
If the RSI continues to decline, it could signal increasing selling pressure. The Moving Average Convergence Divergence (MACD) blue line is trending slightly below the orange signal line, and the histogram is negative, signaling bearish momentum in the short term.
However, the MACD is near the zero line, indicating that the market could shift quickly if buying pressure resumes.
If the PEPE price manages to hold above the 50-day SMA at $0.00001841, it could bounce back toward the $0.000025 resistance. A breakout above this level could lead to a retest of the $0.00003 region, a psychological resistance.
Conversely, if PEPE continues to drop below the rising channel pattern, the asset could find further support around the $0.00001594 support zone.
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