- PEPE prints a textbook double bottom as $4.28M in inflows and a rebound from critical support signal a potential trend reversal.
- With $PEPE nearing key resistance and recent buys from Tornado-linked wallets, technicals and on-chain activity demand close attention.
- PEPE’s bounce from multi-week lows forms a bullish “W” structure while volume surges, suggesting mounting momentum for a breakout.
According to Lookonchain, In the last 8 hours, five wallets reportedly spent $4.28 million to scoop up 611 billion $PEPE tokens. These wallets withdrew ETH from Tornado Cash nearly 15 days ago, which hints at possible ties to a hacker. The sudden accumulation adds a suspicious twist to PEPE’s current price action. Meanwhile, the meme coin has landed on a critical weekly support level, and the chart is printing a classic “W” reversal pattern.
This double bottom structure has formed over a span of several weeks. The latest PEPE price hovers at $0.00000699, down over 75% from its December high near $0.0000275. However, the bounce from recent lows shows encouraging signs. Price is now moving upward with momentum, testing a resistance zone that previously blocked bullish attempts.
Price Structure Shows Signs of Reversal
From December through February, PEPE followed a relentless downtrend. Failed recovery attempts led to lower highs and steep losses. The chart displays volatile price swings, but from late February onward, the structure began to consolidate. Price started to compress between $0.00000550 and $0.00000850.
Moreover, the formation of two distinct bottoms in March and April adds technical clarity. Both dips reached near-identical levels, rebounding with similar speed and volume patterns. These recoveries followed a near-identical two-week timeline. Consequently, this symmetrical behavior strengthens the case for a potential breakout.
Resistance Retest Could Be Decisive
Currently, PEPE is once again approaching the horizontal resistance at $0.00000850. This level has capped bullish momentum for weeks. However, the renewed push carries stronger volume and a more defined upward trend. If price manages to break above this zone, it may confirm a mid-term reversal.
Additionally, the current upward momentum coincides with the $4.28 million buy-in, which adds further fuel to speculation. If those funds belong to bad actors, any sharp move could spark massive volatility. Hence, traders must monitor both technical and on-chain signals closely.
