• Pepe Coin fell 0.52% to $0.00001148 with a market cap of $4.83 billion and increasing volume.
• Head-and-shoulders pattern signals potential 90% downside to $0.000001092 if the neckline at $0.000005678 breaks.
• Bullish RSI divergence and support around $0.000010885 indicate a reversal towards $0.00001292 target.

Pepe Coin’s price continues to decline on July 30 as the losses extend from the larger meme coin market. It is now marking its second week in the red. The price action continues to be weak, and the technicals signal the potential for another correction in the near term.

PEPE currently trades at $0.00001148 and registers a 0.52% fall on the day. However, the trading volume approached $784.55 million and registered a 7.56% increase, suggesting rising market attention. Market cap is pegged at $4.83 billion and maintains PEPE in the top meme coins.

The weekly chart outlines a clear head-and-shoulders pattern. The top or head formed at $0.00002815, and the shoulders at $0.00001700. The neckline is near $0.000005678. The pattern tends to forecast massive breakdowns if the price breaks through the neckline support level.

Also Read: Pepe (PEPE) Holds Strong Amid Market Cool-Off: What’s Next?

A common estimation technique is to measure the distance from the top of the head to the neckline. That distance is approximately 80%. Using the same distance down from the neckline provides a potential downside target of $0.000001092, almost 90% below current levels.

That projected level would mark Pepe’s lowest price since February 2023. The bearish case is rendered ineffective should the price move above the level of $0.00001700. That move could induce a rally to the last all-time high value of $0.00002815.

PEPE Bullish Divergence Signals Recovery Momentum

Kurnia Bijaksana highlights a bullish divergence forming on the RSI. This has fueled hopes of a rebound from key support. Despite pressure, RSI suggests strengthening momentum, hinting that buyers may step in if support holds steady.

As long as the RSI is 41.41, the neutral ground, other oscillators depict a mixed scenario. The MACD histogram continues in the negative zone and supports the prevailing sell pressure. Nevertheless, Stochastic values indicate extreme oversold levels.

On smaller timeframes, PEPE registered a quick rejection around the $0.000010885 support. But the rejection only registered a wick, which indicated buying demand on lower levels. This implies that the bulls remain active even during the downtrend.

A retest of the support level with confirmation above the 21 EMA could greet a bull surge. Analysts suggest long trades on a conditional basis only if both of the above conditions overlap. Target levels for upside include $0.00001214 and $0.00001292, offering near-term trade potential.

Also Read: PEPE Price Prediction: Breaks Trendline, Bullish Target Set at $0.000029