PEPE Slips Below Support as Weak On-Chain and Derivatives Data Point to 15% Downside
PEPE (PEPE $0.0₅9430) is under renewed selling pressure after losing a critical support level, with analysts warning the meme token could face another 15% correction.
The slide follows a contraction in market activity. Trading volumes dropped to $980 million, while open interest fell 4% to $535 million, according to CoinGlass. Derivatives positioning added to the bearish tone, with long liquidations totaling $326,000 versus just $9,900 in shorts, highlighting one-sided pressure that may fuel further losses.
On-chain signals also weakened. Daily active addresses have plunged below 3,000, Glassnode data shows—a stark contrast to late 2024, when more than 27,500 addresses were active during PEPE’s rally.
Technical analysts remain cautious. Trader Alpha Crypto Signal noted that a breakdown from a symmetrical triangle could send PEPE toward the $0.0000085–$0.0000080 zone. Meanwhile, Nansen data showed the top 100 PEPE wallets added only 0.2% to their holdings last week, while exchange balances rose 1.13%, suggesting selling pressure may be building.
Technical Picture
PEPE traded within a 5% range in its latest cycle, from a high of $0.000010028 to a low of $0.000009567, based on CoinDesk Research data. A brief rally to $0.000010000 on 2.6 trillion tokens quickly stalled, with sellers pushing prices lower.
The token has since tested $0.000009610, a 4% retreat from recent highs, while hourly resistance near $0.000009640 and volume spikes above 89 billion point to distribution rather than renewed accumulation.
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