PEPE Tests Key Support After 13.2% Weekly Drop Amid Compressed Price Action

PEPE trades at $0.059382, defending a major support level at $0.059062 despite a weekly decline of 13.2%.

The current price action is maintained in a narrow trading range by resistance at $0.05946 that still limits the upside momentum.

Long term trend lines and support converging, indicates that the token may be volatile in future.

PEPE (PEPE) experienced significant market pressure in the last seven days, with a drop of 13.2%. The token is at the moment trading at $0.059382 with a close test of its support area of 0.059062. The asset is still trading around a decisive point, though it has been in a sustained drawdown, and in recent months, shifts in movements have repeatedly changed direction.

PEPE Struggles to Break Resistance as Selling Pressure Limits Upside

While PEPE holds firm at support, the token continues to face difficulty pushing beyond its nearby resistance. The current resistance is marked at $0.05946, creating a tight trading band within the 24-hour range. Price activity shows a compression pattern, with lower highs forming under a descending trendline. This structure highlights the persistence of selling pressure even during recovery attempts. Notably, short-term traders have remained cautious as PEPE has struggled to break higher.

PEPE Holds at Key Support as Trendline Convergence Signals Potential Volatility

Over the last week, market participants noted a decline against both Bitcoin and Ethereum. PEPE is trading at 0.0108560 BTC against Bitcoin and is moving by 1.6%. Compared to Ethereum, it is 0.082336 ETH, which corresponds to 0.1% change. These figures highlight limited relative performance compared to leading assets

However, the support defense remains crucial, since repeated rebounds from this zone could encourage renewed interest. New technical analysis indicates that the next move is most likely to be characterized by the intersection of horizontal support and the long-term descending trendline

The compression of the prices at such levels usually leads to serious volatility, and traders pay special attention to the balance of buying and selling volumes. Should the support level continue to hold, the structure may attract further testing of the resistance zone. Conversely, weakness below support would extend the downward trajectory and reshape the current market setup.