PEPE has dropped 35% this month, but in the meme with 60 million views by Elon Musk, the RSI reached 30.85, indicating oversold conditions, with 37% of holders not selling in a year.
The bearish trajectory for PEPE holders (a community supporting Ethereum-based memecoins) has continued, with a further drop of 6% today. This frog-themed cryptocurrency has shown declines across all timeframes.
In the past week, the stock has declined by 10.38%, with the monthly drop expanding to 35%, and a year-to-date decline of 25.7%.
This means that investors who bought PEPE in 2025 are currently not in profit.
46% of PEPE holders remain profitable amidst the 25% market slaughter year-to-date.
Despite the decline, PEPE still retains its status as the third-largest meme coin, with a market cap exceeding $3.9 billion, trailing only behind Shiba Inu (6.7 billion) and Dogecoin (24.1 billion).
Nevertheless, the PEPE holders, often referred to as the 'PEPE army,' seem unwavering in their commitment to the memecoin.
IntoTheBlock data reveals that 37% of PEPE holders have not liquidated any tokens in the past year, and 57% of wallets hold between 1 million to 12 million PEPE tokens, which are sitting idle.
Additionally, PEPE whales control 75% of the token supply; despite the current poor market conditions, 46% of all holders are still in profit.
Cryptocurrency investor JamesonXBT recently revealed that he has held a $PEPE position for over two years and believes his patience will pay off handsomely.
Another trader has discovered a bullish chart pattern suggesting that a single candlestick could yield a 25% gain, similar to previous instances of similar formations.
Elon Musk's 'PEPE' meme has reached 60 million views, igniting hopes for a reversal among the army.
It is rumored that Tesla CEO and billionaire Elon Musk shared a PEPE-themed meme, which has garnered over 60 million views.
This development has boosted the confidence of the PEPE army, who mentioned that Musk had changed a similar profile picture in December, after which PEPE's market cap surged above $10 billion.
To drive this momentum, the New York Post released a buying guide for PEPE, emphasizing its potential as a long-term investment opportunity.
A Bitcoin investor and key opinion leader at OKX exchange has also observed that the chart pattern displayed by PEPE is similar to two years ago, setting a bold target of an 800% rise from the current price level.
PEPE's trading volume also appears to be recovering, with CoinGlass data showing over $2.4 billion in trading volume in the past 24 hours, an increase of 5.4%.
The funding rate in the derivatives market has remained positive for three consecutive days, indicating that traders may be positioning for a bullish outlook on PEPE in the short term.
Does PEPE's RSI of 30.85 indicate an eventual oversold rebound?
The PEPE/USDT daily chart shows that the token is currently trading at approximately $0.00000929, down 5.8% on the day.
The price action is consolidating above the key accumulation area between $0.00000830 and $0.00000872, which had been identified as support during prior consolidation.
Historically, this range has triggered bullish reversals, such as in mid-March and early May. The RSI index is at 30.85, close to the oversold territory, suggesting that bearish momentum may be weakening and a potential rebound may be forming.
This outlook is supported by a visible bullish prediction trajectory that curves upward from current levels; if support is maintained, it could re-test the $0.00002000 area.
Although the RSI indicator signaled a bearish trend earlier, if buyers regain control from this demand area, PEPE could initiate a recovery towards the mid-resistance level near $0.00002000, with additional upside potential towards the $0.00002836 high.
However, a drop below $0.00000830 would negate this scenario and expose a lower support level near $0.00000525.
