- PEPE forms double bottom near strong support
- $37M spot inflow shows strong trader conviction
- Triangle holds as sellers fail to break support
PEPE is once again attracting market attention after showing renewed buying activity and holding above key technical support. Despite short-term weakness in momentum and volume, the memecoin is forming a bullish pattern. The combination of historical support, consistent accumulation, and price structure is fueling speculation of a breakout.
PEPE Holds Key Support as Bullish Pattern Forms
PEPE is trading inside an ascending triangle on the 4-hour chart, which is often seen during consolidation before upward movement. The token has tested its horizontal resistance multiple times but continues to form higher lows, keeping the structure intact.
Although strong wicks appear near resistance, the price has not made new lows. This shows that sellers are active at the top, but buyers are maintaining control at the base of the triangle. The 0.0000045 support level has repeatedly acted as a foundation for past rallies, and the price continues to respect that zone.
Technical indicators suggest weakening momentum. The RSI is near 39.9, while the MACD histogram has flattened. Both suggest the trend is slowing, though not reversing yet. The OBV is stable, showing that volume flow remains neutral. The chart has also formed a double bottom, which may support a larger price reversal if confirmed.
Accumulation Strength Grows Despite Bearish Signals
While technical signals remain mixed, PEPE has seen strong accumulation from spot traders. Over $37 million worth of PEPE was purchased in the past week. This is the highest amount since March 3, when accumulation totaled $53 million.
The consistent inflow suggests traders are positioning for future gains.However, market activity on derivatives platforms shows caution. The Funding Rate is negative at -0.0097, meaning short positions are paying fees to remain open.
A death cross is also present, as the 20-day SMA crossed below the 200-day SMA. Volume dropped by 36.4% in the last 24 hours, indicating a weaker push behind the latest price rise.Despite these signals, the steady demand at current levels may continue supporting the token and could lead to a breakout if momentum returns.
