Pepe [PEPE], the frog-themed memecoin, led a market recovery, rising 17% between August 6th and 7th after falling over 40% in late July. Coinglass data showed memes were second only to the Solana ecosystem in Open Interest, attracting significant liquidity that could support PEPE's rebound.

A key challenge is the resistance at $0.0000905, where a breaker block and the 61.8% Fibonacci retracement level converge. The rally needs to surpass this level to show strong bullish momentum, potentially increasing gains by 33% from the 78.6% Fib level. However, weak RSI and CMF readings indicate insufficient buying strength and capital inflows.

Higher buying volumes, as indicated by spot CVD, support the recovery, with a liquidity cluster at $0.000090 aligning with resistance. This could bolster recovery to the 61.8% Fib level, but buyer exhaustion may occur if Bitcoin doesn't surpass $60k.