PEPE has recently entered a consolidation range, closing at $0.0000065 on January 8th, with a 24-hour decline of 3.8%. Although it recorded a 58.8% increase over the past week, retail investors who took profits are starting to sell off. Coupled with the overall market decline, short-term selling pressure has noticeably increased.

From a technical perspective, the daily chart has broken below short-term moving average support, and the 2-hour chart is in a standard downward channel. The $0.000006 level is a critical defense line; once it is broken, the next support to watch is $0.0000055. Resistance above is at $0.0000071, and currently, breaking through is still somewhat difficult.

On the capital side, things are not looking great. Large investors are gradually reducing their positions, and frequent liquidations of long positions are occurring. The community's enthusiasm is shifting towards emerging Meme coins. However, from a weekly perspective, the bullish structure has not been broken, indicating that the mid-term trend still depends on the overall market direction and whether the community's narrative can maintain its heat.

As for trading suggestions, in the short term, it’s advisable to stay on the sidelines. Wait until the price stabilizes before lightly testing long positions with small amounts. Leverage must be strictly controlled. For long-term positioning, be cautious of Meme coin rotation risks—only use idle funds to play, and never chase highs. The movements of DOGE and BTC will also influence and potentially suppress PEPE.