The TCT model points out that the meme coin has already shown signs of distribution near the upper part of the range. The price action previously moved into the higher supply area in late April but failed to break cleanly above it, confirming the analyst’s view that demand is below the current price.
Therefore, the recent bounce does not automatically invalidate the bearish structure. It only delays it until PEPE either breaks higher with strength or loses the support now holding the market together. Speaking of the recent bounce, the meme coin is currently trading with a 4.8% increase in the past 24 hours and a 5.5% increase in the past seven days.
Extreme Supply Could Decide Whether The Bounce Has Real Strength
