Meme coin Pepe (PEPE) is at a pivotal technical moment, with analysts divided on whether its current price level represents a prime buying opportunity or a precursor to further losses. The token's fate is closely tied to broader market sentiment, particularly Bitcoin's price action.
Currently trading around $0.00000490 to $0.000005136, PEPE has seen mixed performance, with a 4.81% drop over 24 hours but a 30% gain over the past month. Trading volume has surged 42%, indicating heightened interest. The price is consolidating within a multi-month descending wedge pattern, testing a crucial demand zone between $0.0000048 and $0.0000045, which has historically acted as strong support.
Analyst "davie satoshi" on X highlighted PEPE's sensitivity to Bitcoin, stating, "With bitcoin dropping, all meme coins are going to get hurt. $PEPE will likely drop a lot more if bitcoin falls to $85k and even more if it drops to $75k." However, the analyst remains bullish long-term, asserting, "Whatever happens, $PEPE will rebound and begin its march back up."
The bullish case hinges on a successful breakout. If PEPE holds above support and breaks the descending trendline, technical analysis points to a potential rally toward $0.0000070, with a longer-term target of $0.0000100. Some analysts note that PEPE has already completed a weekly breakout above its long-term descending trendline, retested it as support, and is forming a higher low—a structure that often precedes a significant expansion cycle.
Conversely, a confirmed break below the $0.0000045 support could trigger a deeper sell-off toward the $0.0000038 level. The coming days are seen as decisive for setting PEPE's short-term trend direction.
