- PEPE broke out of a falling wedge pattern with rising volume, indicating a potential bullish trend reversal.
- RSI at 45.39 and nearing a bullish MACD crossover suggest growing upward momentum for PEPE.
- Large wallets hold 75% of PEPE, with $356.6M in weekly activity confirming rising investor confidence.
Pepe (PEPE) has had notable gains at the start of the week, outpacing top meme coins like Dogecoin and Shiba Inu. Both DOGE and SHIB rose just 1%, while PEPE had a stronger upside, pushing its weekly gains beyond 10%.
This movement places PEPE among the most trending cryptocurrencies, according to CoinMarketCap. The frog-themed token also sparked enthusiasm from analysts. One such analyst, Max, stated on social media,
JACKPOT JULY. I am shaking with excitement & you should be too. The prophecy foretold years ago will be fulfilled.
Chart Pattern Shows Early Signs of Trend Reversal
The recent rally aligns with a visible falling wedge pattern observed between May and late June. Two converging trendlines formed the wedge, which typically precedes upward breakouts.
PEPE’s price has just broken above the upper wedge line, hinting at a potential bullish reversal. This technical breakout also coincided with the rise in trading volume. The volume data shows 6.84 trillion PEPE traded, with notable increases near the breakout point.
This uptick in volume supports a change in market sentiment. Notably, increased activity from large wallets confirms strong buying interest. Over the past week, large wallet transactions totaled $356.6 million.
Technical Indicators Show Building Momentum
Momentum indicators show that PEPE may be changing direction. The RSI is at 45.39, below the neutral 50, but it is rising from previous lows. Its current position above the RSI moving average of 39.62 also points to possible growing strength.
The MACD is approaching a bullish crossover. The MACD line is at 0.00000006, nearly overtaking the signal line at –0.00000060. The histogram at –0.00000054 also shows diminishing bearish momentum. Combined, these indicators suggest the coin could be transitioning to a more positive short-term trend.
On-Chain Metrics Indicate Investor Activity
At press time, PEPE was trading at $0.0000010 and holds a market cap of $4.38 billion. Around 52% of holders are in profit, while 5% are at break-even. Notably, 43% remain out of profit, indicating mixed holder sentiment.
Ownership concentration is high, with 75% of tokens held by large investors. Regarding holding time, 38% of wallets have held PEPE for over a year. Most holders, 57%, fall within the one to twelve-month range, while only 5% acquired PEPE within the past month.
The asset also shows a low-to-moderate correlation with Bitcoin. Its correlation score is at 0.35, suggesting limited influence from BTC’s price actions. Support is near $0.00000930, while resistance could emerge around $0.00001200 and $0.00001500.
Overall, PEPE has posted a stronger recovery than other meme coins, with technical and on-chain indicators aligning behind its current rally.
