TLDR
- PEPE coin market cap has fallen from $8.7 billion to $4 billion, marking a 50% decline
- Major holders have withdrawn $20 million worth of PEPE to cold storage, showing long-term confidence
- Technical indicators suggest PEPE is oversold with RSI signaling potential bullish reversal
- PEPE’s open interest increased by 8.47% in 24 hours with a positive funding rate
- Smart Money traders have shown interest with $813K net positive flow in the past week
Pepe coin has experienced a rocky journey in recent weeks, with its market capitalization plummeting from $8.7 billion to $4 billion. This represents a 50% decline over the past month and nearly 60% from its all-time high of $11.12 billion.
The meme coin is currently trading at around $0.00000789, down 8% over the past week. This extends its 30-day decline to 42%, creating hesitation among many investors.
PEPE Price
Despite these concerning numbers, several technical indicators suggest PEPE may be approaching a potential reversal. The Relative Strength Index (RSI) shows oversold conditions, which often precedes price recoveries in the crypto market.
PEPE is battling a key resistance zone between $0.00000800 and $0.00000823 within a rising wedge pattern. This formation, while typically bearish, could also set up for a bullish continuation depending on market forces.
Support levels hover around $0.00000740, with further support at $0.00000680 if bearish sentiment continues. However, a breakthrough above $0.00000840 could trigger rallies toward $0.00000900 or even $0.00000950.
On-chain data reveals promising developments for PEPE holders. Large investors, often called “whales,” have withdrawn approximately $20 million worth of PEPE from centralized exchanges to cold storage wallets.
This accumulation pattern suggests long-term confidence from major players. When whales move assets to cold storage, it typically indicates they’re preparing to hold for extended periods rather than trade actively.
Social Sentiment
Social sentiment continues to play a crucial role in PEPE’s market performance. February saw consistent community engagement efforts and meme postings to maintain brand awareness among crypto enthusiasts.
High-profile figures like Elon Musk have indirectly influenced the narrative around frog-themed tokens. These social factors often drive sentiment-based rallies in the meme coin sector.
Market data shows encouraging signs for PEPE’s short-term prospects. Open interest has increased by 8.47% in 24 hours, indicating growing optimism among traders about PEPE’s future price movement.
The funding rate has turned positive in the last 48 hours. This metric reflects increased risk appetite among market participants who are willing to pay premiums to maintain long positions.
The long/short ratio currently stands at 1.41. This means buyers outnumber sellers in the market, creating upward pressure on the price if this trend continues.
Smart Money traders have shown particular interest in PEPE. Data indicates $1.14 million in buy volume against $323,000 in sell volume, resulting in a net positive flow of $813,000 over the past week.
These sophisticated traders have an average buying price of $0.0000071, which is below current trading levels. This suggests they’re currently in profit, which may encourage further accumulation.
PEPE has reached a milestone of surpassing 400,000 holders. This growing adoption reflects increasing interest from retail investors despite recent price volatility.
Multiple technical confirmations of “Breaks of Structure” and “Changes of Character” indicate PEPE is attempting to reclaim key support levels. These patterns often precede larger price movements in crypto assets.
For long-term recovery, PEPE would need to target its December highs around $0.00002384. This would represent a potential 285% increase from current levels if bullish momentum returns to the market.
Technical indicators like MACD show a weak bullish crossover. This suggests momentum may be starting to turn positive, though the signal remains tentative.
