Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Pepe (PEPE) Testing Crucial Support Post-Breakdown — Can a Retest Move Halt the Downtrend?

Pepe (PEPE) Testing Crucial Support Post-Breakdown — Can a Retest Move Halt the Downtrend?

CoinsProbeCoinsProbe2025/11/22 11:18
By:Nilesh Hembade

Date: Sat, Nov 22, 2025 | 10:15 AM GMT

The cryptocurrency market continues to face heavy selling pressure as both Bitcoin (BTC) and Ethereum (ETH) plunged over 23% and 29% in the past 30 days. The correction triggered a sharp selloff in major memecoins, and Pepe (PEPE) has taken a heavy hit as sentiment remains weak.

PEPE has dropped nearly 41% after confirming a significant breakdown, pushing it into a decisive support region that could determine its next major price direction.

Pepe (PEPE) Testing Crucial Support Post-Breakdown — Can a Retest Move Halt the Downtrend? image 0 Source: Coinmarketcap

Head and Shoulders Breakdown Signals Trend Shift

On the weekly timeframe, PEPE had been forming a classic head and shoulders pattern — widely recognized as one of the strongest bearish reversal structures. The left shoulder, head, and right shoulder formation became clear, with the peak around $0.00001632 in May marking the top of the cycle. Once the right shoulder attempt failed to break higher, momentum began fading rapidly.

The neckline of the structure was located near $0.0000059, a level that served as a multi-week base. The chart confirms that PEPE broke below this neckline with strong bearish volume, officially triggering a downside breakdown. After losing this critical area, the price slid further, reaching the key weekly support range between $0.00000389 and $0.0000042 — the zone now holding the line between stabilization and deeper capitulation.

Pepe (PEPE) Testing Crucial Support Post-Breakdown — Can a Retest Move Halt the Downtrend? image 1 Pepe (PEPE) Weekly Chart/Coinsprobe (Source: Tradingview)

This zone represents the final major historical support visible on the weekly chart, making it extremely significant for buyers to defend.

What Comes Next for PEPE?

The market now awaits the reaction within this support band. A temporary relief bounce is possible if buyers step in aggressively and attempt a retest move toward the breakdown zone around $0.0000059. Such a move from the current price would represent an upside of nearly 48%, potentially pausing the ongoing downtrend.

However, if the current support fails and PEPE prints a weekly close below $0.00000389, bearish continuation becomes the dominant scenario. Breaking below this level would remove structural support from the chart and could trigger a cascading selloff, deepening the decline.

For now, the retest zone and weekly candle close hold the key to PEPE’s directional clarity.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Bitcoin News Today: JPMorgan’s Alert Ignites Discussion: Does MicroStrategy Serve as a Stand-In for Bitcoin or Function as a Business Entity?

- JPMorgan warns MSCI's potential exclusion of crypto treasury firms like MicroStrategy could trigger $8.8B in passive outflows, sparking market debates over corporate classification. - MicroStrategy CEO Michael Saylor rejects criticism, emphasizing the firm's "Bitcoin-backed operating" model with $500M software revenue and 649,870 BTC holdings. - Bitcoin's $81,500 slump and 23% Coinbase drop highlight institutional unease, while MSTR stock absorbs hedging pressure as crypto investors' proxy. - Analysts sp

Bitget-RWA2025/11/24 07:56

Fed Faces Tough Choice: Balancing Inflation Management and Job Market Stability

- The Fed faces a December meeting dilemma: cut rates to ease labor market strains or maintain rates to combat persistent inflation above 2%. - Officials like Susan Collins argue current 3.75%-4% rates remain appropriate, while John Williams supports a 25-basis-point cut to reach neutrality. - Data gaps from the government shutdown delay key labor market insights, complicating decisions as Beth Hammack warns cuts risk prolonging inflation. - The FOMC will end quantitative tightening in December, signaling

Bitget-RWA2025/11/24 07:56
Fed Faces Tough Choice: Balancing Inflation Management and Job Market Stability

Ethereum Updates Today: Telcoin's Future Depends on Ethereum's Strength During Market Slump

- Telcoin's price depends on Ethereum's resilience, stablecoin trends, and macroeconomic shifts like Fed policy and inflation expectations. - Ethereum faces short-term liquidity risks but long-term Dencun upgrades and staking growth could support Telcoin's transaction efficiency. - Stablecoin promotions (e.g., USDD) highlight growing demand for low-volatility assets, potentially boosting Telcoin's mobile payment utility. - Crypto market pessimism and equity corrections may hinder Telcoin adoption in emergi

Bitget-RWA2025/11/24 07:42