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PEPE's performance today is quite disappointing. The intraday decline reached 5.04%, and the trend shows signs of a breakdown.
The previously oscillating support level, once broken, immediately turned into resistance, which is a common pattern. The technicals currently have no momentum for a rebound, and bullish buying interest is clearly lacking enthusiasm.
There are also no signs of a long squeeze in the funding rate, indicating that market sentiment is indeed leaning bearish. There is no particularly strong support level below to absorb selling, leaving room for bears to continue testing. In the short term, it’s worth watching how low it can go.