The PEPE meme coin is currently facing bearish pressure, with its price testing support at $0.00001732. The overall market for meme coins has also declined by 3.48% over the past 24 hours. In this downturn, PEPE's price has fallen by 6.62%, bringing its market cap down to $7.33 billion. On the 4-hour chart, PEPE's price action shows a failed attempt at a rounding bottom breakout, failing to surpass the neckline at $0.00001988. The bearish reversal has resulted in a negative crossover in the MACD and signal lines, giving a sell signal for the PEPE meme coin. The crucial support level for PEPE is at $0.00001732 and the 23.60% Fibonacci level, but a close below this level could lead to a retest of $0.000014451. However, if the broader market recovers, a sharp reversal could test the horizontal resistance at $0.00002232.



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