Price Forecast for $PEPE on May 24: Bulls Defend $0.00001550 as Rally Slows Down
After an impressive rise from a base of $0.00001000 at the beginning of this month, the price of $PEPE is currently consolidating around the $0.00001550 mark, showing over 45% profit in less than two weeks. This sharp rise has once again drawn attention to the meme token, but momentum indicators are now sending early caution signals even as bulls target higher Fibonacci levels.
What is happening with the price of $PEPE ?
On the weekly chart, the price action of PEPE shows a clear reversal from multi-month lows, breaking through the Fibonacci retracement levels of 23.6% and 38.2%. The rally has reclaimed the psychological level of $0.00001200 and is now trying to hold above $0.00001500 — an area that previously acted as support before the February sell-off.
The breakout from the consolidation range of $0.00001020–$0.00001200 was supported by increasing volume and confirmation of structure. This suggests that bulls are attempting to execute a larger reversal, especially as the token rises towards the 50% retracement zone around $0.00001800.
Structural signals on the daily chart indicate exhaustion after the vertical move.