$1000PEPE dipped below the lower boundary of its 20-candle, 5-minute range early this morning. Volume surged to 2.4x, but OI fell—down 0.53% over 1 hour, with about $940K in notional value. This doesn’t look like new shorts piling in to dump; it looks more like longs losing support, deleveraging, and getting stopped out. Aggressive trade delta was -5.4%, and the buy/sell ratio was 0.90. Selling pressure is there, but it isn’t intense. This kind of structure often doesn’t lead to a deep drop, though any bounce may be slow. First, watch whether it can reclaim the lower boundary of the range.