PEPE has held above its early-September breakout zone near $0.0000044 despite pulling back from a seven-day high around $0.00000534, leaving the meme coin roughly 45% higher over the week as momentum indicators cool.
Summary
- PEPE remains roughly 45% higher weekly despite retreating from its recent $0.00000534 seven-day price peak.
- CoinGlass shows PEPE open interest near $393 million as derivatives activity remains elevated after breakout.
- RSI has cooled toward neutral while MACD signals weakening momentum after PEPE’s sharp September rally.
- PEPE’s breakout remains above $0.0000044, with $0.0000047 acting as the first important support zone now.
- September golden cross supports the bullish structure, though the signal does not guarantee gains ahead.
CoinGecko shows PEPE trading near $0.00000492 on Sept. 23, with its market capitalization around $2.07 billion and seven-day performance at approximately 45.2%. Its seven-day trading range extended from roughly $0.00000329 to $0.00000534.
The current price is therefore around $0.0000049, not $0.054934. CoinGlass placed PEPE near $0.00000492 in a separate Sept. 23 snapshot, down roughly 3.3% over 24 hours while remaining more than 44% higher over seven days.
PEPE breakout remains intact above $0.0000044
PEPE broke through $0.0000044 after spending much of late August and early September trading beneath the level. The rally pushed through the August high near $0.0000046 and extended to approximately $0.00000534 before sellers slowed the move.
The sequence produced a higher high on the daily chart, while the former resistance area around $0.0000044-$0.0000047 now forms the first area traders are watching during the pullback.
CoinGecko historical data shows PEPE closed around $0.00000341 on Sept. 16, $0.00000361 on Sept. 17 and $0.00000400 on Sept. 20 before reaching $0.00000477 on Sept. 21. The Sept. 22 close stood near $0.00000498.
A move back toward $0.0000047 would therefore place PEPE close to the area where the latest leg accelerated. Holding that zone would keep price above the August resistance that was cleared during the rally.
Below it, $0.0000044 remains the more important structural support. A daily move beneath that level would return PEPE into its earlier trading range and weaken the higher-high structure created this week.
Price has not yet produced such a breakdown. PEPE remains several percentage points above $0.0000044 despite retreating from the weekly peak.
The latest surge coincided with a strong cryptocurrency-market rebound. As previously reported, PEPE’s earlier golden-cross setups have coincided with sharp price swings and changing whale activity, though previous crossovers did not guarantee sustained gains.
RSI and MACD show PEPE momentum cooling
Momentum indicators have weakened since PEPE’s sharp advance.
TradingView data supplied for the latest chart places the 14-period relative strength index at 51.37, below its moving average around 54.00. RSI had previously reached 78.09 during the breakout, placing the token in overbought territory before the indicator retreated.
An RSI near 50 indicates that the earlier buying imbalance has largely normalized. The fall from above 78 does not by itself confirm a bearish reversal, but it shows that the momentum behind the initial surge has faded.
MACD gives a similar reading. The MACD line sits around 0.00000003, below the signal line near 0.00000004, while the histogram is marginally negative at approximately -0.00000001.
The crossover indicates softer short-term momentum following the Sept. 21-22 rally. Price, however, remains close to the upper end of its recent range instead of retracing the full breakout.
Combining the two indicators produces a mixed setup. RSI has returned to neutral conditions while MACD has turned mildly bearish. Price structure remains firmer because PEPE continues to trade above $0.0000044 and its previous August high.
Such divergence between price structure and momentum can persist while an asset consolidates after a large move. Confirmation would require subsequent price action: holding $0.0000047 would preserve the immediate breakout area, while a loss of $0.0000044 would give the weakening momentum readings more weight.
Independent chart analysis found that PEPE’s 50-day moving average crossed above its 200-day moving average around Sept. 19, producing the pattern commonly called a golden cross. The study placed PEPE substantially above both averages after the rally.
The same analysis cautioned that PEPE’s historical golden-cross sample is small. Previous examples produced very different results, including one period in which price fell heavily during the following 90 sessions.
PEPE futures activity remains elevated after rally
Derivatives traders remain heavily involved even as spot momentum cools.
CoinGlass reports PEPE open interest around $393 million, with approximately $912 million in 24-hour futures volume in one Sept. 23 snapshot. Spot volume in the same dataset stood near $267 million.
Other CoinGlass snapshots taken during the morning placed open interest between roughly $395 million and $402 million, showing that the total changes continuously as traders open and close positions.
The derivatives turnover is several times larger than spot turnover under CoinGlass’s methodology. High futures activity can increase sensitivity to rapid moves when leveraged positions become crowded, although open interest alone does not show whether traders are positioned net long or net short.
CoinGlass recorded roughly $1.96 million of PEPE futures liquidations over 24 hours in one snapshot. Its open-interest methodology counts both long and short positions that remain unsettled, meaning rising or elevated OI cannot independently identify bullish positioning.
Open interest has risen considerably from earlier in September. A CoinGlass page captured last week showed roughly $219 million in PEPE open interest when the token traded near $0.00000325. Current figures close to $400 million indicate far more derivatives exposure remains in the market after the price rally.
Such an increase can accompany a strong trend, but it can raise liquidation risk when price momentum slows because more leveraged positions remain exposed to sudden moves.
Exchange flows give a mixed picture
Available exchange-flow data does not point uniformly toward either accumulation or distribution.
One recent independent whale study covering activity through Sept. 20 tracked 83 large PEPE wallets moving $57.7 million. The study recorded $34.1 million in exchange withdrawals and $23.6 million in deposits, leaving approximately $10.5 million net leaving exchanges among the wallets it followed.
The dataset covers only the wallets tracked by the researcher and cannot represent every PEPE holder or exchange flow.
A separate analysis of more recent transactions reported heavy deposits on Sept. 20, nearly balanced flows on Sept. 21 and roughly 6.9 billion tokens net leaving exchanges on Sept. 22. The changing daily readings show why a single flow session does not establish a persistent accumulation or selling trend.
CoinGlass’s current spot page lists exchange-level net-flow data but did not expose a complete aggregate flow figure in the public snapshot retrieved Sept. 23. Its live data nevertheless places spot turnover near $200 million while futures activity remains several times larger.
Earlier crypto.news coverage documented how changes in PEPE exchange balances have repeatedly accompanied price moves. In one prior cycle, falling PEPE exchange balances coincided with whale accumulation and a completed golden cross, while later periods saw exchange balances rise as holders reduced exposure.
Current price action therefore leaves two levels doing most of the technical work. The first sits around $0.0000047, close to the recent breakout and consolidation area. The second lies near $0.0000044, where the earlier resistance zone could become support.
Above the market, the recent high around $0.00000534-$0.00000536 remains the first resistance. A sustained move through that area would create another higher high. Failure to reclaim it while RSI stays around neutral and MACD remains below its signal line would keep PEPE consolidating beneath the latest peak.
CoinGecko’s current seven-day range still places PEPE’s high at roughly $0.00000534 and its low near $0.00000329, leaving the token well above where the weekly move began despite the latest pullback.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
