$PEPE "Pepe Coin's Resilience Tested Amid Market Volatility"

Throughout the week, Pepe coin experienced low volatility while attempting to stay above the psychological level of $0.00001. Despite the broader market's supply pressure, the memecoin's price showed notable resilience, as evidenced by the long-tail rejection on Tuesday. However, the short-term trend for Pepe remains bearish, with the development of lower highs and lower lows. This downward trajectory is driven by two downsloping trendlines forming a flag pattern, typically indicating a temporary downtrend to replenish bullish momentum. Similarly, open interest in Pepe coin has significantly declined, with Coinglass reporting a drop from $189.51 million in late May to $107 million, a decrease of approximately 43.5%. This substantial reduction in open interest indicates waning trader commitment or liquidity, potentially signaling decreased confidence or interest from investors.

According to CoinMarketCap, PEPE's price has dropped 6.5% in the last 24 hours. Chart analysis suggests that the price may continue to decline in the coming days and weeks. Yahoo Finance reports trading volumes above $800 million for six consecutive sessions as of Friday. Since reaching its local peak in May of over $0.000017, Pepe's price has been trending downward and recently broke below its 50DMA, encountering resistance upon retesting it. The 21DMA has also been acting as resistance. Chart analysis indicates potential losses for Pepe, with a broader market downturn exacerbated by Bitcoin's (BTC) issues with US exchange-traded funds withdrawals, suggesting further difficulties may be ahead. However, many traders are likely waiting to buy when Pepe's price drops further.