The crypto market has extended its decline, moving lower from recent highs today, with the overall market capitalization hovering around $4.16 trillion.
Despite the bearish sentiment, the fear and greed index hovers around 50 levels, indicating a neutral sentiment in the market.
The PEPE price, as of today, is showing a sharp spike followed by a steady decline, indicating a short-lived bullish momentum.
After reaching a peak near $0.00000097, the token retraced and is now consolidating around the $0.00000093 support level.
As of this writing, the Memecoin is exchanging hands at around $0.000009304 with a 24-hour loss of 0.02%.
Source: CoinMarketCap
According to the Pepe Whale chart it shows that PEPE is maintaining a consistent bullish structure around its key support zones, signaling strong accumulation.
The price has repeatedly bounced within these levels, indicating that buyers are actively defending the area against further downside.
This steady base formation suggests market participants are preparing for a potential upside move, with the next significant resistance and breakout target projected near $0.00000115.
In addition, momentum indicators are reinforcing the bullish outlook. The MACD signals a positive crossover, showing fading bearish momentum, while the Stochastic RSI and RSI Divergence indicate strengthening upward momentum.
Collectively, these signals point to a growing likelihood of a trend reversal as selling pressure fades, setting the stage for a possible breakout rally if the current support holds firm.
Pepe gains momentum as weekly chart repeats past rally pattern
As per analyst EᴛʜᴇʀNᴀꜱʏᴏɴᴀL on X, Pepe appears to be entering a phase similar to the one that preceded its last major breakout.
The weekly chart is showing the formation of a rounded base pattern—an accumulation zone marked by consolidation after a prolonged downtrend.
This structure mirrors the previous cycle, where a similar setup led to a strong upward rally once the price broke above resistance.
Source: X
Currently, PEPE is forming a comparable rounded bottom supported by an ascending trendline, suggesting growing strength and reduced selling pressure.
If this pattern completes and the price breaks through the resistance level, analysts anticipate a potential parabolic move similar to the one witnessed earlier in 2024.
The quiet consolidation, as highlighted by EᴛʜᴇʀNᴀꜱʏᴏɴᴀL, could be the calm before another significant bullish phase for Pepe.