PEPE cryptocurrency is trading at around $0.000009428 at the time of writing, marking a 4.52% drop over the past 24 hours. The meme token now hovers near critical technical levels that could determine its short-term trajectory. PEPE Price Source: CoinMarketCap The digital asset currently tests the lower boundary of a symmetrical triangle formation on daily charts. This price region has historically provided support for PEPE, though mounting selling pressure threatens to break through this floor. Market observers note a concerning pattern of lower highs that indicates sustained bearish sentiment among traders. Buyers have successfully defended the support zone thus far, but technical analysts warn that room for maneuver continues to shrink. The current price structure suggests limited upside potential without significant buying interest returning to the market. Alpha Crypto Signal analysts project potential downside targets if current support fails. Their assessment indicates PEPE could slide toward the $0.0000085 to $0.0000080 range should the breakdown materialize. This represents approximately 12% to 17% additional downside from current levels. Source: X Trading Activity Shows Concerning Decline Market participation metrics reveal weakening engagement across multiple indicators. Trading volume dropped 15% to $980 million, while open interest fell 4% to $535 million. These simultaneous declines typically signal reduced market confidence before significant price movements occur. The liquidation landscape presents a stark picture of recent trading dynamics. Long positions absorbed substantial losses totaling over $326,000, while short liquidations reached only $9,900. This dramatic imbalance highlights the pain experienced by bullish traders in recent sessions. OKX exchange recorded the highest long liquidations at $288,300, representing the majority of forced position closures. Other trading platforms, including HTX, CoinEx, and Gate, registered smaller liquidation volumes. The data suggests sellers maintained better risk management while buyers faced mounting losses. PEPE total liquidation chart Source: Coingass Network Activity Continues Multi-Month Decline On-chain metrics paint an equally challenging picture for PEPE's fundamental health. Active addresses reached just 2,599 on August 3, extending a downward trend that began in late 2024. This represents a dramatic shift from the network's peak activity periods. PEPE's daily active addresses peaked near 27,500 during November 2024, coinciding with a significant price rally. Both metrics have declined in tandem since that period, suggesting weakening user engagement corresponds with price weakness. Throughout 2025, active wallet counts have remained consistently below 5,000, indicating sustained low participation levels. The persistent decline in network usage raises questions about PEPE's ability to maintain long-term relevance in the competitive meme token space.
