PEPE Tumbles 20% From All-Time High: Is the Meme Coin Rally Over?

The Pepe meme coin, which recently reached an all-time high of $0.000025 on November 14, has since experienced a 20% drop as investors took profits. Currently trading at $0.000020, technical indicators suggest further weakness, prompting holders to monitor key price levels closely.

The PEPE/USD pair's one-day chart shows the altcoin's Chaikin Money Flow (CMF) approaching the critical zero line. Currently hovering at the center line, the CMF measures the relationship between price movement and volume to assess accumulation and distribution. A declining CMF indicates more distribution than accumulation, suggesting waning bullish momentum.

If the CMF breaks below zero, bearish momentum will be confirmed, potentially leading to further downward pressure. The Moving Average Convergence Divergence (MACD) for PEPE supports this bearish view, with the MACD line below the signal line. This indicator measures price trends and momentum, helping identify potential reversals, and suggests a selling opportunity for traders given the current price weakness.

PEPE's price is currently hovering slightly above the crucial support level of $0.000018. Continued selling pressure could push the coin below this mark, potentially driving its value down to $0.000015. Conversely, renewed buying interest may trigger a breakout to $0.000021.

A strong breakout could lead PEPE on a path to reclaim its all-time high of $0.000025.