The Fear and Greed Index remains in the neutral zone at 51, but $PEPE is down 3.48% over the past 24 hours, with trading volume of only 23.9M USDT. This price-volume divergence is the most unusual detail of today— the broader market hasn’t collapsed. ETH is only down 2.63%, but the meme sector has bled first, suggesting that rotation capital is withdrawing from high-volatility assets. From a technical perspective, PEPE’s MA5 (3.346e-06) has crossed below MA20 (3.364e-06). RSI 39.9 is nearing the weak zone but not oversold. MACD histogram -1.282e-09 stays bearish, while price is close to the lower Bollinger Band at 3.31693e-06. In the short term, this looks like a slow grind lower rather than panic selling. If BTC continues to range, PEPE will very likely keep underperforming. The strength of any rebound depends on whether the broader market can provide direction. Bias is bearish. Entry reference: 3.33e-06～3.36e-06 (pullback meets resistance near MA5). Take profit 1: 3.28e-06 (the extension level after a break below the lower Bollinger Band). Take profit 2: 3.22e-06 (previous low support area). Stop loss: 3.42e-06 (above the Bollinger upper band 3.41107e-06—if it holds above, the short thesis would be invalid).

Also watch in the same period: $ETH, $OP. ETH RSI 36.6 is weaker, but MACD is still bullish. OP funding rate +0.0031% is a bit hot. In terms of relative strength, ETH is slightly more resilient than PEPE.

（Personal opinion only, for reference, not investment advice. Contract trading risk is extremely high—please strictly control position size.）

【Data】
Symbol: PEPEUSDT
Direction: Short
Entry: 3.33e-06～3.36e-06
Take profit 1: 3.28e-06
Take profit 2: 3.22e-06
Stop loss: 3.42e-06