PEPE's Narrow Range and Bearish Pressure Signal Potential 15% Drop

PEPE fell 2.6% in 24 hours to $0.0000915, underperforming the broader crypto market, which declined 1.4% as measured by the CoinDesk 20 (CD20) index. The token's price fluctuated within a narrow range of $0.0000913 to $0.0000951, with failed attempts to breach the $0.000095 resistance level. Open interest in PEPE futures reached $560 million, while total trading volume climbed to $1.2 billion, indicating sustained derivatives market activity despite the declinePEPE Falls 2.6% After Failing to Breach Resistance Levels^[1]. Technical analysis highlights the token's struggle to maintain support above $0.000091, with a break above $0.000095 potentially shifting sentiment but requiring stronger volume and broader market confirmationPEPE Falls 2.6% After Failing to Breach Resistance Levels^[1].

Derivatives data reveals uneven momentum, with long liquidations spiking to $326,000 compared to just $9,900 in shorts, signaling heavy bearish pressure. On-chain activity also weakened, with active addresses dropping below 3,000-a stark contrast to late 2024's peak of over 27,000. Analysts warn of a possible 15% downside risk, targeting $0.0000085–$0.0000080 if selling pressure persists. The token's 24-hour trading range of $0.0000034 (4%) underscores fragmented buyer interest, as temporary volume spikes failed to sustain ralliesPEPE Falls 2.6% After Failing to Breach Resistance Levels^[1].

Market watchers emphasize the fragility of PEPE's technical setup. A failed attempt to test $0.000095 resistance led to a gradual decline, with support near $0.000092 weakening in the final hours. While early bullish accumulation patterns were evident, declining volume at the close suggests hesitation rather than convictionPEPE Falls 2.6% After Failing to Breach Resistance Levels^[1]. Derivatives data from CoinGlass shows open interest dropping 4% to $535 million, reflecting eroding trader confidence. The token's price action now resembles a symmetrical triangle breakdown, with potential targets near $0.0000085 if downward momentum accelerates.

Despite the bearish outlook, PEPE outperformed the memecoin sector, which fell 3% as measured by the CoinDesk Memecoin Index (CDMEME)PEPE Falls 2.6% After Failing to Breach Resistance Levels^[1]. Whale activity remains mixed: top 100 Ethereum-based wallets added 0.2% to holdings over the past week, but exchange balances grew by 1.13%, suggesting preparation for further selling. Social metrics remain robust, with a 23% increase in PEPE-related posts over 24 hours, signaling continued retail interest despite volatility.

Critical price levels will determine near-term direction. Support at $0.000091 is crucial to prevent a deeper correction, while a sustained break above $0.000095 could reinvigorate bullish sentiment. Traders are also monitoring the $0.00009640 resistance level, where repeated failures to advance have highlighted distribution dynamicsPEPE Falls 2.6% After Failing to Breach Resistance Levels^[1]. Analysts caution that unless buyers return in force, the current consolidation phase may give way to a broader retracementPEPE Falls 2.6% After Failing to Breach Resistance Levels^[1].