The $PEPE cryptocurrency, which gained significant attention as a meme coin, has been experiencing a mixed performance recently. Over the last 24 hours, its price rose by around 8%, reaching $0.000008523. However, this recovery was not enough to offset the losses it incurred over the past week, where it fell by more than 17%.

Technically, PEPE is currently testing a crucial support level at $0.000008480. If it fails to hold this level, it could see a further decline, potentially dropping to around $0.000005719. On the upside, if buyers step in at this support level, PEPE could challenge the next resistance level at $0.000010942. However, indicators like the MACD and RSI suggest weakening bullish momentum, signaling that the recent upward trend may not sustain for long.

In the broader context, the future of PEPE might be influenced by developments related to "Pepe Unchained," a new layer-2 network designed to enhance PEPE's scalability and transaction speed. This project has attracted considerable investor interest, raising over $7.8 million in its ongoing presale, with high expectations for its impact on the PEPE ecosystem.

Overall, while PEPE shows some short-term potential, its medium to long-term outlook remains uncertain, with a cautious sentiment prevailing among investors.