PEPE recently fell into an adjustment range, closing at $0.0000065 as of January 8th, with a 24-hour decline of 3.8%. Although it recorded a 58.8% gain over the past week, retail investors taking profits have started selling, combined with an overall market pullback, creating significant short-term selling pressure.

From a technical perspective, the daily chart has broken below short-term moving average support, while the 2-hour chart is trapped in a standard downtrend channel. $0.000006 is a key support level; if it breaks, the next target is $0.0000055. Upper resistance is at $0.0000071, which currently faces significant difficulty to break through.

The capital situation is also not favorable. Whales are gradually reducing positions, long liquidations are occurring frequently, and community attention is shifting toward emerging Meme coins. However, from a weekly perspective, the bullish structure remains intact, indicating that medium-term performance depends on overall market trends and whether the community narrative can maintain momentum.

For trading recommendations, it's advisable to stay on the sidelines in the short term, wait for stabilization before testing the long side with small positions, and strictly control leverage. For long-term positioning, be wary of Meme coin rotation risks—only use disposable funds and never chase highs. The movements of DOGE and BTC will also create linked downward pressure on PEPE.