The price is still $PEPE
in a bearish market after dropping more than 43% from its peak in March.
The PEPE token has dropped to a low of $0.0000090, raising its market value to around $3.86 billion, down from its all-time high of $10 billion.
This decline follows a broader weakness in the cryptocurrency market, where most altcoins have experienced significant declines. Ethereum ($ETH ) dropped to $2435 from its monthly high of $2800, while the total market capitalization of all cryptocurrencies fell to $3.28 trillion.
However, PEPE is giving some bullish signals that could support a recovery in the coming weeks. Whale holdings have increased by 7.20% over the past thirty days, reaching 7.61 trillion tokens, indicating that major holders expect a recovery. This cumulative trend continued even as prices declined.
Additionally, the top 100 platforms #PEPE increased their positions by about 4% during the same period, bringing their total assets to 303.95 trillion tokens. Exchange balances also fell to 248.1 trillion, down 2.3% in 30 days. Investors typically withdraw tokens from exchanges when they expect prices to rise in the future.
Another potential factor for a possible increase in the token's price is its decreased real value. The MVRV indicator has dropped to -0.45, meaning that the market value of PEPE is below its true value. Historically, a decline in the MVRV indicator often precedes bullish reversals.
MVRV indicator and whale accumulation
Technical analysis of PEPE price
PEPE price chart
From a technical perspective, #PEPEUSDT shows signs of a potential rebound. The token has formed a descending wedge pattern, defined by two converging descending trend lines. The upper trend line connects its highest points since May 23, while the lower trend line follows support levels from May 11.
Meanwhile, the Relative Strength Index is approaching the oversold zone, indicating that the ongoing downtrend may be close to exhaustion. If this pattern reverses upward, as often happens with descending wedges, PEPE could rise towards the major resistance level at $0.000015, representing a 65% gain from current levels.