Pepe shares the same fate as other major meme coins, dropping to a crucial support level in the $0.00001150 zone, closely aligning with the 50-day EMA at $0.00001146. The meme coin has fallen nearly 10% from the weekly high of $0.00001296 set on Tuesday as the segment cools off.
At the time of writing, PEPE registers a pullback of less than 1%, while the long-tail candles indicate a high probability of continued bearishness. A close below the 50-day EMA could increase pressure on the 200-day EMA at $0.00001108 to absorb selling pressure.
If PEPE breaks this dynamic support, a pullback to the psychological level of $0.000010 could be imminent.
However, if the 50-day EMA provides support for a bounce, the meme coin could rise towards the resistance of $0.00001550, marked by the highest closing price in May.