Pepe coin climbed to an intraday high of $0.00000418 earlier today, posting a modest rebound that briefly lifted sentiment across its community.
Despite the uptick, the broader structure surrounding Pepe cryptocurrency remains fragile and tilted to the downside.
The memecoin has pulled back to around $0.000004064 at press time, reflecting only a mild 1.6% gain over the past 24 hours.
Over the past month, PEPE is down nearly 19%, and on a yearly basis it has lost more than half of its value.
However, the daily trading volume remains active at roughly $594 million, showing that interest has not disappeared even as the price struggled.
PEPE’s downtrend still intact
Despite today’s mild surge, PEPE coin continues to move within a clear downtrend marked by lower highs and weak relief rallies.
Each bounce over recent weeks has failed to break prior resistance levels convincingly.
The token is trading below both its 50-day and 200-day exponential moving averages (EMAs), which typically signals that sellers still control the broader trend.
The 50-day EMA sits near $0.00000469, and the price has not been able to close above it.
As long as PEPE remains below that level, sustained upside momentum will likely remain limited.
Momentum indicators also reflect hesitation rather than strength.
The Relative Strength Index (RSI) is hovering around 44, which places it below the neutral 50 mark and suggests mild bearish pressure.
At the same time, the MACD lines are converging with muted histogram bars, pointing to reduced buying momentum after the recent bounce.
This combination often precedes either a continuation of the downtrend or a prolonged consolidation phase.
In simple terms, the market has not yet shown proof that a durable reversal is underway.
The key support levels to watch
For now, price is sitting at a key support zone where a reaction is already beginning to form.
The immediate support level to watch lies near $0.00000363, which aligns with a prior swing low from mid-December.
If that area fails to hold, a deeper support zone around $0.00000290 comes into focus.
That lower region corresponds with an important pivot level and could attract stronger defensive buying.
On the upside, bulls would need to reclaim the 50-day EMA at $0.00000469 before talking about a more meaningful recovery.
A decisive break above that barrier could open the door toward $0.00000521, which marks a previous low from early November and now acts as resistance.
Even that move, however, would only represent a partial recovery within a larger bearish framework.
It is also worth remembering that PEPE remains about 85% below its all-time high of $0.00002803 reached in December 2024.
That long-term drawdown continues to shape trader psychology and limits aggressive risk-taking.
The token has climbed more than 7,000% from its all-time low in April 2023.
For now, the rebound to $0.00000438 provides a short-term lift but does not invalidate the established downtrend.
Unless buyers step in with stronger volume and push the price above key moving averages, rallies may continue to fade.
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