Over the past week, PEPE experienced a clear downtrend, dropping from around $0.000444 to $0.0003864, marking an approximate 13% decline. As of today, the PEPE price spiked sharply to around $0.0000038 before facing strong selling pressure, triggering a rapid decline. It then settled into a downtrend, fluctuating between $0.0000038 and $0.0000039, indicating weakening bullish momentum. Overall, the token reflects a bearish sentiment with sellers maintaining control after the initial surge.
As of the time of writing, the PEPE was trading at $0.000003865, suggesting a 4.44% decline in the last 24 hours.
PEPE price chart, Source: CoinMarketCap
PEPE Forms Head-and-Shoulders Pattern on Weekly Chart
According to recent data by Ali Martinez, the weekly chart for PEPE indicates a classic head-and-shoulders pattern, with a left shoulder, head, and right shoulder clearly forming before the recent breakdown. The pattern suggests that after the head peak, momentum weakened, leading to a gradual decline through the right shoulder. The latest price action shows a decisive break below the neckline, confirming the bearish signal and signaling a shift in market sentiment toward selling pressure.
Source: X
According to analyst Ali Martinez, the momentum is accelerating toward the next support level at $0.0000017. This projection reflects the typical behavior following a head-and-shoulders breakdown, where the measured move often mirrors the height from the head to the neckline.
PEPE Shows Head-and-Shoulders Pattern with 70% Drop Risk
Meanwhile, in a weekly chart also shared on X by analyst MisterSpread, PEPE reveals a massive head-and-shoulders pattern, signaling a potential continuation of bearish momentum. The altcoin has clearly formed a left shoulder, head, and right shoulder, with a neckline now acting as a critical support level.
Source: X
The current price action shows a decisive break toward the intermediary support zone, suggesting that sellers are regaining control. If the price fails to hold this area, the projected target indicates a potential drop of -60% to -70%, which would mark a significant retracement from its previous highs and a major shakeout for investors holding positions from 2023 through early 2025.
This chart pattern and the potential decline reflect broader market sentiment in the altcoin sector. MisterSpread notes that PEPE’s sharp projected drop could serve as a cautionary tale for the altcoin market, highlighting the inherent volatility and the risk of extended downtrends even for coins that have historically outperformed.
Source: https://coinpaper.com/13194/pepe-faces-steep-decline-as-head-and-shoulders-pattern-signals-70-drop-risk
