Frog-Themed PEPE Faces Mounting Pressure: Will Bears Break the Key Neckline?

• $PEPE is currently hovering around $0.0000022.
• The broader market trend is still negative.

The crypto market’s extremely fear zone, with a highly negative trading outlook, is pushing the crypto assets down. Meanwhile, the meme coin market cap has lost 3%, settling at $24.9 billion. Among them, the frog-themed asset, $PEPE, has dropped by 2.79% in the last 24 hours.

Notably, the meme coin’s lowest and highest trading ranges are found at $0.000002252 and $0.000002353, respectively. At the time of writing, $PEPE is trading within the $0.000002267 zone, with its daily trading volume having surged by over 30.92%, reaching $192.77 million.

$PEPE’s recent price chart exhibits a bearish trading pattern, with the price momentum facing downside to test the $0.000002214 support range. Further slump could likely trigger the death cross to take place, and the bears would let the price retrace below its recent low at $0.000002159.

On the flip side, if $PEPE reversed the market momentum and entered the green zone, the price action could climb toward the resistance level at $0.000002317. Assuming the bullish correction gains more traction, the golden cross might emerge and push the asset’s price to $0.000002370.

Will $PEPE’s Downtrend Continue in the Coming Sessions?

The Moving Average Convergence Divergence (MACD) line is slightly above the signal line, showing that the bearish momentum is easing. However, both lines remain below the zero line, exhibiting that the broader trend is still negative.

While the recent crossover hints at a possible recovery, buyers need to push the MACD above the zero line to confirm a stronger trend reversal for $PEPE.

In addition, the daily Relative Strength Index (RSI) value is around 31.80, placing it above the oversold zone. This suggests that the selling pressure has been strong, but the $PEPE market may be nearing exhaustion.

Although the reading leaves enough room for a short-term rebound if buyers step in, momentum remains weak until it climbs back above the 50 level.

Significantly, the indicators point to improving momentum, which could support a near-term price recovery. Also, the broader trend remains cautious, and a stronger bullish move would require continued buying interest and a break above key resistance levels.