PEPE Drops Nearly 2% as Memecoins Struggle, Late-Session Bounce Hints at Buyer Support

Meme-inspired cryptocurrency PEPE edged down nearly 2% over the past 24 hours, closing at $0.000007199, as it lagged the broader cryptocurrency market and the memecoin sector as a whole.

The wider crypto market, as measured by the CoinDesk 20 (CD20) index, rose 0.5% in the last 24-hour period, while the memecoin sector dropped 1.91% based on the CoinDesk Memecoin Index (CDMEME).

Despite the drop, trading activity stayed mostly within normal range, with volume coming in just 7.55% above the weekly average, according to CoinDesk Research's technical analysis data model, in a sign that the decline may reflect routine profit-taking rather than a broader shift in sentiment.

Through most of the session, PEPE posted lower highs, reinforcing a bearish setup. The price traded within a tight 3.5% range, lacking the kind of volatility that typically sparks sharp breakouts or breakdowns. Still, a spike in volume late in the day offered a counterpoint.

Trading surged to 4.53 trillion tokens, more than double the 24-hour moving average. The burst coincided with a brief rally to $0.000007421, a level that now marks a potential ceiling for near-term price action.

PEPE dropped to an intraday low of $0.000007184, then reversed slightly on a flurry of activity. Shortly after, the token had bounced back above short-term resistance at $0.000007210, suggesting buyers may be stepping in at lower levels.

For traders, the key takeaway is the mixed technical picture. The coin remains in a downtrend but showed signs of life that could point to a broader recovery, if buying pressure holds.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.