PEPE Stabilizes After 20% Weekly Plunge as Traders Monitor Broken Support Levels

PEPE is trading near $0.00000485, reflecting a steep weekly decline of over 17-19.3%, as it broke through a critical support level at $0.0000059, which has now turned into resistance. This breakdown signals continued selling pressure, with the token hovering just above multi-month lows and within a tight 24-hour trading range bounded by support at approximately $0.00000485 and resistance at $0.0000059.

Analyst Crypto Patel emphasized that the high-timeframe trend remains bearish until PEPE reclaims the $0.0000059 level, noting a partially filled weekly Fair Value Gap and liquidity sweeps under recent lows. He suggested that further downside could target the $0.00000178 zone, but also highlighted a potential for a future rally if the price consolidates and reclaims lost ground, reminiscent of a past setup that yielded gains over 4,600%.

Technical indicators reinforce the weakness, with PEPE trading below all key exponential moving averages (20-, 50-, 100-, and 200-day), and the MACD lingering below zero without momentum shifts. Despite the bearish structure, PEPE showed slight relative gains against Bitcoin (2.3%) and Ethereum (2.5%), indicating divergent behavior in comparative markets.

Market data reveals a drop in futures open interest to $193.5 million from over $1 billion in mid-2023, coupled with negative netflows on exchanges, pointing to reduced leverage usage and holding behavior amid fading speculation. Traders are closely watching for stability above support levels to gauge near-term sentiment, as volatility and volume decline.