PEPE Faces Bearish Pressure as Network Activity Collapses and Technical Signals Weaken

Meme-inspired cryptocurrency PEPE (PEPE $0.0₅9430) is under mounting pressure after breaking below a key support level, raising the risk of an additional 15% decline.

The weakness follows a sharp drop in market activity. Trading volumes slid to $980 million, while open interest contracted 4% to $535 million, according to CoinGlass, pointing to fading trader conviction. Derivatives data further reveal an imbalance: $326,000 in long liquidations versus just $9,900 in shorts, suggesting downside momentum could intensify.

On-chain activity is also deteriorating. Daily active addresses have plunged to under 3,000, a steep fall from the late-2024 peak of 27,500 recorded during PEPE’s last major rally, Glassnode data shows.

Technical analysts are cautious. Trader Alpha Crypto Signal noted that PEPE is breaking down from a symmetrical triangle pattern, which could push prices toward the $0.0000085–$0.0000080 range. Meanwhile, Nansen data indicates top 100 PEPE holders increased their balances by only 0.2% over the past week, while exchange balances rose 1.13%—a sign of potential selling pressure.

Technical Overview
CoinDesk Research’s model shows PEPE traded within a volatile 5% range in its latest cycle, with highs at $0.000010028 and lows at $0.000009567. An early-week rally briefly lifted prices back to $0.000010000 on volume of 2.6 trillion tokens, but sellers quickly reasserted control.

Since then, the token has retreated, testing $0.000009610—down 4% from recent highs. Hourly charts show resistance forming near $0.000009640, with volume spikes above 89 billion suggesting distribution rather than fresh accumulation.