PEPE’s price has shown bearish momentum over the past 24 hours, with sellers dominating the market.
The token failed to hold above $0.00000069, leading to consistent lower highs and weak recovery attempts. Continued pressure below this level could push PEPE toward deeper support near $0.00000065.
At the time of writing, the Memecoin was trading at $0.00000685, reflecting a modest 0.28% decline over the past 24 hours.
The recent PEPE chart shared by analyst Ali Martinez is showing a clear head and shoulders pattern, which is typically a bearish reversal formation.
The pattern’s neckline sits around the $0.00000055 support zone, and a confirmed breakdown below this level could trigger a sharp sell-off.
PEPE is already struggling below key Fibonacci retracement levels. Bearish momentum appears to be building, signaling a potential continuation to the downside in the near term.
If the neckline fails to hold, Martinez’s projections indicate a possible decline toward $0.00000185, aligning with the 1.618 Fibonacci extension level.
Such a move would represent a major correction phase as the token retraces much of its prior gains.
However, traders should watch for short-term relief bounces near the $0.00000035 and $0.00000033 regions.
These zones could briefly act as interim supports before any deeper drop unfolds during the broader downward move.
PEPE forms bullish pattern, signaling reversal
According to analyst Galaxy is pointing out that PEPE appears to be forming an inverse head and shoulders pattern on the weekly chart.
This structure is often viewed as a bullish reversal signal, suggesting potential upside after a prolonged downtrend.
Each retest of this zone has led to a bounce, showing strong buyer interest and accumulation.
If PEPE confirms a breakout above this neckline, Galaxy suggests a potential shift in market sentiment.
Such a move could spark renewed bullish momentum and attract fresh buyers. However, failure to hold this critical support may delay the breakout and extend consolidation.
Traders are watching closely, as this pattern could define PEPE’s next major trend direction.