The memecoin sector continues to show declining price action in the charts as market volatility is about to peak. With Bitcoin halving just around the corner, will the top altcoin experience a breakout rally post-halving, sparking a memecoin-like rally scenario in Q2?

After briefly trading in a closed range between $0.00000080 and $0.00000200 showing a neutral trend, bulls gained momentum and PEPE price jumped 521.39% in valuation but was rejected above the $0.00000590 support level.

After a brief period of sideways trading, bulls regained momentum and gained 42.45% before the price encountered rejection at the $0.000010 resistance level. Thereafter, bulls lost momentum and fell below the support level. 🐳qun崴：tq58956Since then, the price of Pepe coin has been trading in a closed range between $0.00000590 and $0.00000785. The technical indicator MACD shows a persistent red bar chart, highlighting the weak buying and selling pressure in the cryptocurrency industry. Moreover, the averages in the chart show a significant correction, indicating a bearish price trend for PEPE memecoin this week.

Will PEPE Price Recover?

If the market pushes the price above the $0.00000785 resistance level, the bulls will continue to gain momentum and test its overhead resistance at $0.00001 in the coming week. Sustaining the price at this level will set the stage for Pepe memecoin to attempt to test its overhead resistance at $0.000012 in the future.

On the contrary, if the bulls fail to regain momentum, the PEPE token will decline to test the $0.00000590 support level. Moreover, if the bears continue to dominate the market, it will plummet and be ready to test its lower support level of $0.0000040 this month.

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