The meme coin PEPE Coin is showing signs of a potential bearish breakout, trading within a falling wedge pattern since May 27. Currently priced at $0.0000077, PEPE has already lost 52% of its value during this period. The coin is now at risk of a further 28% drop if it breaks below the lower trendline of its wedge, which would signal a continuation of the downtrend.
Technical Indicators Signal Weakness
PEPE’s technical setup supports the possibility of continued decline. The coin is trading below key moving averages, including the 20-day EMA and 50-day SMA, indicating weakening momentum and increased selling pressure. Additionally, PEPE’s Relative Strength Index (RSI) remains below its neutral line, suggesting low buying interest among traders.
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Bearish Sentiment and Market Outlook
The overall sentiment surrounding PEPE is negative, with a weighted sentiment score of -0.76, reflecting a predominantly bearish outlook in online discussions. If PEPE Coin fails to maintain its current support levels, it could fall to its August 5 low of $0.0000059. However, if the trend reverses, PEPE might see a recovery, with potential gains up to $0.0000086.
