I took a look at the trend of PEPE, and the current price is at 0.00000403. To be honest, it has already lost over 75% from its peak and has returned to the Relay platform position before this year's big pump.

**How is the trend?**

The MACD shows signs of flattening below the zero axis, which sounds good, but don't be fooled—overall, the trend is still firmly under the control of bears, which is a typical stage of weak resistance. The mid-term trend of PEPE is extremely weak, and the retreat of sentiment for Meme coins is merciless. The market is now looking for a new valuation equilibrium point, and the position at 0.00000400 is the last psychological defense line for bulls.

**You need to know the key positions**

In terms of the selling pressure area, short-term resistance is at 0.00000600—this is the critical point for the recent decline rebound, as well as the bottom of the previous oscillation range. At this point, the trapped positions will flood out. The strong resistance level is at 0.00000800; this "shoulder" position is very crucial. Only by standing back here can we say that PEPE has truly escaped the death spiral.

What about the defensive zone? The lifeline is set in the range of 0.00000350 to 0.00000400, which is the current operating range and has been tested multiple times as support. The bulls must hold this level; otherwise, the pattern will be completely ruined. Below, there is also a limit bottom from 0.00000100 to 0.00000200. If it breaks below the current position, it will head straight for the starting point of the rise at the beginning of the year, and that would be the real abyss.

**What does trading volume tell us**

High position with high volume paired with low position and low volume - this signal is not good. Compared to the huge volume during the rise in May, the trading volume has clearly shrunk now. The enthusiasm is fading, this is the truth. The core of Meme coins is attention; the decline in volume indicates that funds are either withdrawing or waiting, with no motivation for new funds to enter the market.

**What should you do**

If you still hold PEPE: the decline is so deep now that cutting losses is actually not cost-effective. It is recommended to firmly hold the line at 0.00000350. If it can rebound with the market to the range of 0.00000550 to 0.00000600, then decisively reduce your position; don't think about holding on to earn it back.

Where are the friends with empty positions? Let's wait for the right-side signal. The risk of catching a falling knife is extremely high, unless we see a big bullish candle on the daily chart and volume doubles, otherwise don't enter the market. To put it simply, Meme coins don't lack entry opportunities, what they lack is certainty.

**Final Words**

PEPE is currently in a "naked swimming when the tide goes out" state, and one should be very cautious about going long before any new narrative stimulus. Let's wait and see for signals.