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PEPE has experienced a significant drop, losing 36% from its most recent peak. After a notable decline, the token has been having difficulty regaining its footing and is currently trading close to $0.00001806.  

When examining PEPE's daily chart, it has recently shown to have broken below the 26 EMA, which had previously offered solid support during its upward rally. Right now, it is circling above the 50 EMA, which is located at about $0.00001611. This point will be crucial in deciding whether PEPE can stabilize or experience additional declines. 

The 200 EMA, a level that traditionally denotes long-term trend stability, is also close to $0.00001308, which is the next important support zone if the token breaks below this. The point at which the token has been repeatedly rejected during recent attempts to recover is $0.00001950, which presents immediate resistance on the upside. A recovery toward $0.00002030 and higher could be possible if this level is broken. 

Early investors' profit-taking after the token's huge rally in November is the reason for PEPE's drop. Furthermore, the general state of the market has become somewhat pessimistic, with less interest in speculative assets. The cooling off of demand is further highlighted by the drop in trading volume and momentum. 

There is still hope for PEPE to recover despite the present pessimistic outlook. As the asset approaches oversold territory, the Relative Strength Index (RSI) may draw speculative buyers seeking quick profits. PEPE may regain some lost ground if it can hold the 50 EMA and break above $0.00001950.

Bullish scenario: A bounce from the 50 EMA, with a breakout above $0.00001950, could drive PEPE toward $0.00002030 or higher.

Bearish scenario: Losing the 50 EMA may push the token down to $0.00001308, testing its 200 EMA and long-term trend stability.