Pepe Coin Faces Bearish Pressure but Shows Signs of Rebound
Pepe Coin (PEPE) has seen its value plummet by over 43% since March,hitting a low of $0.0000090. This drop has reduced its market cap to around $3.86 billion.
Pepe’s decline mirrors the broader crypto market’s weakness. Ethereum (ETH) has also fallen, now at $2,435 from its monthly high of $2,800. The total crypto market cap is now at $3.28 trillion.
however, there are signs of a potential rebound.Whale holdings of PEPE have risen by 7.20% in the past month, totaling 7.61 trillion tokens. This suggests large investors see value in the coin despite the price drop. The top 100 PEPE addresses have also increased their holdings by nearly 4%, holding 303.95 trillion tokens. Exchange balances have decreased by 2.3% in 30 days. This indicates investors are moving tokens off exchanges, possibly in anticipation of higher prices.
Another bullish factor is the MVRV indicator,which has dropped to -0.45. This means PEPE’s market value is lower than its realized value, a situation that often precedes price increases.
Technically, PEPE is forming a falling wedge pattern, with the relative strength Index nearing oversold territory. If this pattern breaks to the upside, PEPE could rally toward $0.000015, a 65% gain from current levels. These factors suggest a potential rebound for PEPE in the coming weeks.
