PEPE is currently experiencing notable price fluctuations, with a slight 0.50% increase in the past 24 hours. The cryptocurrency has a market capitalization of $3.93 billion, while its 24-hour trading volume has declined by 19%.
PEPE continues to struggle against important levels of support and resistance despite recent gains. PEPE has fallen 45% in the last month, hitting crucial price levels. According to on-chain data, if buyers are unable to restore momentum, there may be a further 20% loss. Investors are keeping an eye on PEPE to see if it can sustain the current level of liquidity or if another drop is on the way.
Whale activity rises as PEPE eyes 47% surge amid market shift
Increased whale activity has sparked speculation about a potential trend reversal. The number of large transactions surged from 105 to 289 within a week, indicating growing interest among major investors.
However, despite this uptick, futures open interest has declined significantly, falling from $1.25 billion to $249 million, representing a sharp 75% drop.
This suggests that traders are moving away from leveraged positions in meme coins, reflecting shifting sentiment in the market. Additionally, $1.6 million in liquidations were recorded last week, further underscoring the current uncertainty surrounding PEPE’s price action.
In mid-February 2024, Pepe experienced its most significant bull run, lasting 95 days and soaring over 1400% before facing a correction. Later, in early November 2024, the token saw another rally that lasted 33 days, pushing its price up by more than 250% and reaching its all-time high.
According to CoinCodex, PEPE is expected to recover from its current decline and gain strength in the final week of February. Predictions suggest the meme coin could climb 47% to hit $0.00001400, with an estimated price of $0.00001267 by the month’s end.
Technical Indicators Show Mixed Signals for PEPE’s Future
Bollinger Bands, signaling increased volatility. PEPE recently touched the lower band, hinting at a possible rebound, but strong resistance persists at the middle band.
The MACD line is currently below the signal line, accompanied by a red histogram, indicating bearish momentum. However, an upward curve in MACD suggests a potential bullish reversal. If PEPE breaks above $0.00000995, it could target $0.00001050 to $0.00001200, signaling renewed bullish sentiment.
The price may drop to the $0.00000850–$0.0000790 range if it is unable to hold above $0.00000890. In order to confirm a change in momentum, traders are looking for a move above the Bollinger mid-band and a bullish crossover of the MACD. The next trading sessions will be critical for PEPE’s next move since, although the short-term trend is still bearish, early indications of a reversal are appearing.
