In July, the memecoin PEPE experienced a notable rally, climbing 9.77% from $0.00000256 to $0.00000281. This rise is part of a broader trend that has seen the currency increase by 26% since the beginning of the month, reigniting interest among traders. However, despite this rebound, the trading volume has declined by 47% over the last 24 hours, indicating that recent trading activity is losing momentum as the weekend comes to a close. It's common for weekend trading to see fluctuations in volume, which can introduce increased market volatility.

The Directional Movement Index suggests a potential uptrend, with the +DI surpassing 20 and the ADX also above this threshold. Nevertheless, the price action on the daily chart indicates a bearish trend overall, as the memecoin has been consistently posting lower highs and new lows since January 2025. This broader bearish context has seen significant rallies in the past, such as a 185% increase from April to May 2025 and an 82.4% surge in just four days in January 2026, but they have all occurred within this ongoing bearish environment.

Currently, PEPE's price hovers just below the 50-day moving average, testing it as a crucial resistance level. The On-Balance Volume (OBV) has failed to reach new highs since May, signaling diminished buying pressure. If the price can convert the 23.6% Fibonacci retracement level at $0.0000028 into support, as seen in mid-June, this might provide an opportunity for bullish traders.

For swing traders, the 4-hour timeframe reveals additional Fibonacci retracement levels, highlighting the 78.6% retracement at $0.00000295 as a significant resistance point. Traders are advised to monitor the $0.0000030 area for potential reversal, while a close above the $0.00000314 swing high would invalidate the current bearish outlook.

In summary, despite a recent upward movement, the overall PEPE price action remains bearish on higher timeframes. As it stands, the $0.0000030 region is expected to re-establish bearish control in the near term.

This material is for informational purposes only and does not constitute financial advice.