In recent days, PEPE has been under downward pressure, with prices declining significantly. However, this trend may soon turn around.
Currently, PEPE is consolidating in some pattern, and once it breaks out, it could achieve a 300% increase in the coming months.
PEPE may rebound.
According to data, this frog-themed memecoin has dropped over 7% in the past week. In the last 24 hours, the price has also declined by 2.90%.
Our analysis tool IntoTheBlock shows that after the recent price correction, only 196,300 PEPE wallets remain in profit, accounting for 62% of the total PEPE wallets.
However, we have reason to be optimistic about the future. Popular cryptocurrency analyst Captain Faibik recently shared news on Twitter about an interesting development. He mentioned that a bullish pattern appeared on the memecoin chart in March.
Since then, PEPE's price has been consolidating within this pattern. Currently, PEPE is near the resistance level of this formation, and breaking through this point could trigger a mid-term rebound of up to 300%.
Furthermore, in previous analyses, we mentioned that PEPE might be relisted. The Japanese cryptocurrency exchange BitPoint announced that it would include PEPE, and listings on exchanges typically have a positive impact on prices as they enhance bullish sentiment in the market and promote asset adoption.
So, is a trend reversal imminent?
Our analysis of Santiment data shows that the supply of PEPE on exchanges slightly decreased last week.
This indicates that despite the price drop, investors still choose to accumulate, showing their confidence in this memecoin. Currently, PEPE's MVRV ratio has risen from -10% to -0.8%, which can be seen as a bullish signal.
In addition, PEPE's network growth has significantly increased, indicating that more wallets are being created to trade this token. At the same time, PEPE's social volume has also begun to rise, further highlighting the popularity of this memecoin in the crypto market.
If there is a reversal of the bullish trend, it will be crucial for the memecoin to break through $0.0000097, as liquidations will significantly increase at this level.
However, the increase in liquidations may also lead to short-term price adjustments. If the downtrend continues, the memecoin may find support at $0.0000088.
