PEPE analysis from a few weeks ago is still relevant to the Eden community, which is interested in memecoin dynamics. Back then, PEPE was facing fairly serious bearish pressure, with the price trading below the main support and open interest continuing to decline. This suggests that traders are indeed being very cautious in how they position themselves, considering the memecoin sector as a whole is far behind DeFi and L2.

What’s interesting to note is the presence of a large short liquidation cluster above the then price level, around $0.0000038. This creates potential for a short squeeze if buyers manage to reclaim that zone. However, on the other hand, with bitcoin falling below $70K during that period and the memecoin market capitalization dropping 48% year-over-year, bearish momentum appears to be more dominant. Some analysts project that if the main support is broken, PEPE could continue falling toward the $0.00000303 level—or even lower.

For the Eden community that is monitoring PEPE, it’s important to understand that sharp volatility can happen at any time, depending on bitcoin’s movement and broader market sentiment. A bullish scenario is still possible if there is sudden buying that triggers a short squeeze, but traders need to be prepared with strict risk management given that market conditions remain uncertain right now.