PEPE battles to reclaim lost support at $0.0000118

Pepe coin price fights to hold on

Pepe Coin (PEPE) has come under intense bearish pressure, closely following the broader crypto market’s downward spiral. In the last 24 hours alone, PEPE has dropped by 9.97%, falling to $0.00001048 at the time of writing. 

PEPE 7-day price chart
PEPE 7-day price chart| Source CoinMarketcap

This steep correction marks a significant reversal from its recent high of $0.0000147. The token’s market cap has plunged to $4.41 billion, while its 24-hour trading volume has unexpectedly surged 20%, reaching $913.7 million, suggesting heavy selling activity.

The slump isn’t isolated. Bitcoin is sharply declining, dragging Ethereum with it. This cascading effect has pushed altcoins like PEPE into a deeper retracement phase. Weekly data reflects this clearly; PEPE is now down 15% over the past seven days, confirming sustained selling pressure.

PEPE breakdown signals deep correction ahead

Ali Martinez, a well-followed crypto analyst, sounded the alarm on PEPE’s next move. According to him, PEPE needs to reclaim $0.0000118 as a key support level or risk falling further to $0.0000097. His warning aligns with what’s visible in the 4-hour technical chart.

Technical analysis reveals a grim outlook for PEPE in the near term. The price has breached all critical exponential moving averages on the 4-hour chart, including the 20, 50, 100, and 200 EMAs, all of which are now acting as overhead resistance around the $0.000011 zone. This breakdown solidifies a strong bearish structure, especially as sellers continue to dominate the market.

PEPE technical analysis
PEPE technical analysis chart | Source Tradingview

Momentum indicators add to the concern. The Relative Strength Index (RSI) has slipped into oversold territory at 24.85, indicating aggressive sell-side momentum. Meanwhile, the MACD remains in negative territory, with its signal and MACD lines trending lower and a widening bearish histogram, signaling a continuation of the current trend.

Macro uncertainty keeps PEPE under pressure

Unless PEPE manages to reclaim the $0.0000118 resistance level and flip it into support, the probability of a drop toward the $0.0000097 or even $0.00000085 support zones remains high. For a potential recovery, the token must regain strength above $0.0000012 and attract sustained buying interest.

As long as macro-market conditions stay volatile and risk sentiment remains low, PEPE may struggle to recover in the short term. Traders should remain cautious and monitor key technical levels closely.