$PEPE just printed a very clear story on the 15m chart.

Price was moving slowly in a tight range near 0.00000460 to 0.00000465. Every small bounce was getting sold. You can see many small red candles forming lower highs. That is a quiet distribution phase where sellers slowly take control without panic.

Then the real move happened.

A single strong red candle broke the structure and pushed price straight down toward 0.00000445. That candle shows fast selling and possible liquidations. After that drop, there was no strong bounce. Instead, price kept sliding step by step.

$PEPE touched 0.00000438 which is the intraday low, and now we see a small reaction back to 0.00000443. But this bounce is weak compared to the fall. That means sellers are still dominant.

Important levels now:

0.00000438 to 0.00000440 is the short term reaction zone. If this level breaks, price can search for lower liquidity quickly.

0.00000455 to 0.00000460 has now become a strong resistance area. Any bounce into this zone can face heavy selling pressure.

For strength to return, PEPE needs to reclaim 0.00000460 with strong candles. Without that, this looks like continuation after a distribution phase.

Right now the chart is showing controlled selling, not panic buying. And in trading, controlled selling usually continues until real buyers step in with force.