The popular meme coin PEPE has maintained a mild upward trend over the past week, showing a total growth of 3.20%. In the 4-hour chart, the price is moving in an ascending triangle pattern, which usually leads to a breakout upwards. However, selling pressure at the triangle resistance level is high. Other indicators also suggest a bearish sentiment, such as the death cross formation with the 20-day moving average below the 200-day moving average. The Accumulation/Distribution (A/D) indicator confirms a distribution phase, indicating investors are selling their assets. Despite a recent 3.76% growth in PEPE, trading volume has decreased, signaling weakness in the upward trend. In the derivatives market, the funding rate has reached -0.0097, indicating more dominance by short position holders. Nevertheless, spot market traders continue to buy PEPE. Overall, although PEPE market shows signs of weakness, large purchases in the spot market may prevent a sharp price decline.
