PEPE Faces Pressure as Trading Activity and On-Chain Metrics Collapse
PEPE (PEPE $0.0₅9430) is struggling after losing a key support level, with market signals pointing to a possible 15% decline in the near term.
CoinGlass data shows trading volumes have dropped to $980 million, while open interest slid 4% to $535 million, reflecting weaker conviction among traders. Long liquidations reached $326,000, far exceeding just $9,900 in shorts, underscoring bearish positioning.
Network activity is also deteriorating. Daily active addresses on the PEPE network have fallen below 3,000, according to Glassnode—well off the late-2024 peak of 27,500 seen during a major rally.
Technical traders remain cautious. Alpha Crypto Signal noted that PEPE’s breakdown from a symmetrical triangle could send prices toward the $0.0000085–$0.0000080 range. Nansen data adds to the bearish picture, showing top 100 wallets increased holdings by only 0.2% last week, while exchange balances rose 1.13%, hinting at more tokens ready to sell.
Technical Picture
CoinDesk Research reports PEPE moved within a 5% band in its latest cycle, ranging from $0.000010028 to $0.000009567. A brief rally to $0.000010000 on heavy volume quickly stalled, with sellers regaining control.
The token has since retreated to $0.000009610, down 4% from recent highs. Hourly resistance is forming near $0.000009640, with volume surges above 89 billion pointing to distribution rather than fresh accumulation.
