PEPE’s current trading price sits near $0.00000485, having declined past a major support level. This represents a more than 17% drop for the week, reaching lows not seen in months.

Key Level Break Reflects Pressure

Analyst Crypto Patel highlighted a concerning trend: the $0.0000059 support has now turned into resistance, signaling that sellers currently have the upper hand. He asserted,

“Until price reclaims it, HTF trend stays bearish.”

Patel also pointed to a weekly Fair Value Gap (FVG) that is only partially filled and noted liquidity sweeps beneath multi-month lows. According to his chart analysis, this might lead PEPE’s price toward the $0.00000178 level—a potential area of interest for long-term buyers.

Price chart Source: Crypto Patel/X

Additionally, Patel compared the current situation to a previous setup prior to a significant rally in PEPE’s price, which previously surged over 4,600% after establishing a new support base. He suggested this could happen again if prices dip into support and then reclaim lost ground.

“HTF structure is not bearish forever. It’s preparing the next expansion. Watch the reclaim,” he mentioned.

Earlier this month, CryptoPotato reported on PEPE breaking below neckline support, aligning with a head-and-shoulders pattern and reinforcing a bearish outlook.

Weakening Indicators

The price remains below all key moving averages, underscoring a weak trend right now. Without closing above these levels, the bearish bias is likely to persist.

Speculation Drops as Interest Dwindles

Futures open interest has drastically decreased to $193.5 million, down from over $1 billion earlier this year, indicating a cooling market with fewer traders leveraging their positions. Spot exchange data mirrors this trend, revealing more tokens leaving exchanges than entering.

Futures Open Interest Source: CoinGlass

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