Meme-inspired cryptocurrency PEPE fell 2.6% over the past 24 hours to trade near $0.0000915, significantly underperforming the wider crypto market as the CoinDesk 20 (CD20) index is down 1.4% in the same period.

The token traded in a range between $0.0000913 and $0.0000951, with a brief attempt at a rally stalling near resistance before giving way to a slow decline, according to CoinDesk Research’s technical analysis data model.

The session opened near $0.0000939 and peaked early around $0.000095 before consistent selling pressure weighed on the token. PEPE’s price steadily declined throughout the overnight and morning hours, briefly consolidating near $0.000092 before sliding lower.

Despite the drop, activity in derivatives markets continued to build and PEPE has managed to outperform the memecoin sector, which as measured by the CoinDesk Memecoin Index (CDMEME) is down 3% in the past 24 hours.

Open interest in PEPE futures reached $560 million according to CoinGlass data, while total trading volume climbed to $1.2 billion.

For now, market watchers are focused on whether PEPE can maintain its foothold above the $0.000091 support zone or risks slipping toward lower ranges.

A break above $0.000095 could shift sentiment, but any such move would need to be supported by stronger volume and confirmation from broader market conditions.

Technical Analysis Overview

PEPE’s 24-hour trading range covered a $0.0000034 spread, about 4% between session highs and lows. Sellers consistently emerged near $0.000095, making it a clear resistance level for now.

Support near $0.000092 held up during early and mid-session tests but weakened into the final hours. The token showed signs of a higher low formation earlier in the session, a structure often associated with bullish accumulation.

However, declining volume into the close paints a picture of hesitation, not conviction.Temporary surges in trading activity suggest some positioning during short-term breakout attempts, but those efforts lost steam as volume fell off.

Unless buyers return in force, the recent attempt at consolidation may give way to a broader retracement.