PEPE Price Prediction: PEPE Struggles to Replicate February-May Rallies, Will It Succumb to Profit-Taking Pressure?

PEPE price traded in the red for the second successive day on Monday, further eroding the bullish sentiment created following last week's rally.

The price of PEPE coin dropped on Monday, continuing the decline from last week after being rejected at a psychological barrier. The meme token price now trades at $0.00000890, down by -2.6 percent on the daily chart. This comes after PEPE coin ran a six-week winning streak last week, only to be rejected near the psychological barrier at $0.0000100.

However, the gains in the last week still stand at 21 percent, pointing to a potential bullish undercurrent. But on the flip side, that also predisposes it to downward pressure from profit taking. Notably, PEPE coin has struggled to replicate its prolonged rallies in February-March and April-May, and has been on a general downtrend on the daily chart since late May, with short-lived gains.

In a market that suddenly finds itself in the middle of an avalanche of meme coins freshly minted from Solana’s Pump.fun and Tron’s SunPump, it will likely become increasingly harder for PEPE to sustain prolonged rallies. That said, PEPE has established itself as a formidable meme coin, being the only other meme coin ranked among the top 30 in terms of market capitalisation, alongside the OG meme coins, Dogecoin and Shiba Inu. This means it has strong community support that could help keep it afloat even as more meme coins come out.

PEPE price analysis: 2-hour time frame

PEPE price broke below the middle Bollinger Band on Sunday, August 25 and has stayed below that level since then, as shown on the 2-hour chart. This signals that the sellers currently have a hold of the market.

In addition, the RSI indicator is at 48, which also aligns to the downside narrative.

PEPE price action: 30-minute time frame

The 30-minute chart suggests that PEPEUSD will likely continue to the downside if the action stays below the 0.00000901 pivot. With the bears in control, the first support could come at 0.00000885.

But, if the downside momentum persists, that level could be breached and the price sent lower to test 0.00000865.

Alternatively, moving above 0.00000901 will put the buyers in control. In that case, we could see the first barrier at 0.00000915.

However, if the buyers strengthen the upside momentum, they could clear that barrier and invalidate the downside narrative. Meanwhile, the move could clear the path to test 0.00000930.

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