Looking at this wave of market, it's quite interesting. Bitcoin was at $855,000 last Friday, and by Monday it rebounded directly to $897,000, an increase of 5%. Logically, the whole market should benefit from it. But PEPE just doesn't cooperate, falling another 2% in 24 hours, and has already retreated nearly 21% from its December high, which is really令人唏嘘.

**Why is PEPE so "unappreciative"?**

According to Coinalyze data, since December 20, the open contracts for PEPE have been continuously shrinking, dropping from 121.5 million dollars to 114.5 million dollars. As for the price, it has been consolidating sideways in the short term, and the market clearly lacks bullish enthusiasm. Earlier analysis indicated that the long-term trend for PEPE is bearish, and no reversal signal has appeared as of now.

**What does the K-line indicate?**

On the daily chart, last Wednesday PEPE was once again smashed through the bearish structure, and the supply zone of $0.000044 to $0.000050 (which was the previous resistance level) has now become the ceiling. Any attempts to rebound above this are likely to be suppressed by the bears. The RSI value is only 40, and the Accumulation/Distribution indicator has been declining since November, indicating significant selling pressure.

The situation on the hourly chart isn't much better—bearish structure is clear at a glance, and the RSI is also weak. Although there have been rises and falls in the past few days, the amplitudes are getting smaller and smaller. To put it bluntly, the selling pressure hasn't been fully digested yet, and the market is consuming energy.

**Is there a chance for a rebound in the short term?**

To be honest, it has been almost invisible recently. The momentum and trading volume across all time frames point to a bearish trend, and even with a 5% rise in Bitcoin, PEPE remains unmoved. To see a real reversal, we still need to wait for clear signals from the fundamentals or trading volume.