PEPE Drops 2.6% as Resistance Caps Rally, Derivatives Activity Remains Elevated
Meme token PEPE fell 2.6% over the past 24 hours, trading near $0.0000915, underperforming the broader crypto market where the CoinDesk 20 Index declined 1.4%.
The token fluctuated between $0.0000913 and $0.0000951, with an early push toward resistance at $0.000095 fading into a gradual decline. PEPE opened at $0.0000939, peaked briefly at $0.000095, and later settled near $0.000092 after sustained selling pressure.
Derivatives Markets Remain Active
Despite the price drop, derivatives activity stayed strong. Open interest in PEPE futures reached $560 million, and daily trading volume hit $1.2 billion, highlighting ongoing trader engagement. PEPE outperformed the broader memecoin sector, where the CoinDesk Memecoin Index fell 3% during the same period.
Technical Overview
- Resistance: $0.000095 continues to limit upside, with sellers repeatedly emerging at this level.
- Support: $0.000092 has held during intraday tests but showed signs of weakening late in the session.
- Price Structure: Early session higher lows suggest potential bullish accumulation, though declining volume indicates caution.
Traders will watch whether PEPE can maintain support above $0.000091 and sustain momentum. A decisive break above $0.000095 with strong volume could shift sentiment bullish, while a failure to defend support may trigger a deeper retracement.
