Market Volatility and Resistance Halt Rebound Attempts
PEPE, one of the leading meme tokens, dropped 3% over the last 24 hours, facing renewed selling pressure despite ongoing whale accumulation. The token’s price dipped from an intraday high of $0.00001268 to a low of $0.00001169, as market volatility surged to 7.74%, according to technical data.
While traders attempted to spark a short-term bounce, resistance around $0.00001206 proved too strong. PEPE is now struggling to maintain momentum, trading just below that key level as bearish sentiment dominates.
Heavy Trading Activity Signals Intense Profit-Taking
In the last 24 hours, over 3.47 trillion PEPE tokens were traded, marking a significant spike in volume. Analysts attribute this surge to large liquidations and aggressive repositioning, as traders react to macro uncertainty and broader weakness in the crypto market.
During this period, PEPE briefly rebounded to $0.00001217, but the rally lacked strength. Price action remained stuck below resistance, indicating the market remains in consolidation, not recovery.
The CoinDesk Memecoin Index dropped 3.9%, while the broader CoinDesk 20 Index declined by 2.95%, further confirming the market-wide risk-off sentiment impacting speculative assets like PEPE.
Whales Accumulate Despite Price Decline
Interestingly, whale activity shows continued confidence in PEPE. On Ethereum, whales added 1.4% to their holdings in the past week, raising their total to 305.26 trillion PEPE, according to blockchain analytics firm Nansen.
At the same time, exchange balances dropped by 1.14% to 251.2 trillion, suggesting that large holders are withdrawing assets from trading platforms—a potential signal of longer-term holding behavior.
This trend of accumulation could provide a floor for PEPE’s price, even if short-term conditions remain bearish.
Technical Outlook: Bearish Trend Persists
From a technical perspective, PEPE is showing classic signs of a bearish continuation pattern. With strong resistance at $0.00001206 and failure to hold support above $0.00001210, the token remains under pressure.
Unless PEPE can break and hold above its resistance zone, further downside could emerge. For now, bulls appear to be losing momentum, and sellers continue to control the trend.
PEPE Faces Headwinds, But Whale Support Remains
While PEPE’s short-term price action remains negative, the whale accumulation trend provides a longer-term bullish undertone. For traders, the key levels to watch are support near $0.00001160 and resistance around $0.00001206.
Until a decisive breakout occurs, PEPE is likely to trade sideways in a consolidation range, with volatility remaining elevated and market sentiment cautious.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.