$PEPE Price Rebound Hinges on Clearing Key Resistance Zone

Pepe's price has taken a sharp pullback, but its chart is now bullish. The token broke out of a week-long descending channel on strong volume and formed a fresh ascending channel. However, the price itself is still falling, down 3.6% in the past day.

The Pepe community remains one of the largest and loudest in crypto, despite the token's lack of promised utility. The current market capitalization is $1.486B with a fully diluted valuation of $1.486B. Trading volume has been concentrated on OKX, MEXC, LBank, Bitget, Gate, KuCoin, and Bitunix.

Longs have taken the brunt of liquidations over 24 hours, losing $495.35K against $62.48K in shorts. The Relative Strength Index (RSI) is at 48.11, just under neutral, with its moving average slightly higher at 52.25.

The bullish setup hasn't translated into price action yet, and bulls need to clear the nearby resistance zone with volume behind the move. If they succeed, the first level of resistance would be $0.00000388, followed by $0.00000423 if buyers keep showing up. However, if price fails at resistance instead, a drop toward the ascending channel's lower boundary becomes more likely.