The frog-themed meme coin PEPE is showing conflicting signals as technical analysis points to a potential short-term rebound while broader market momentum remains bearish. At the time of writing, PEPE is trading around $0.000003319, reflecting a 4.17% decline over the past 24 hours. The price action has been volatile, fluctuating between $0.0000340 and $0.0000345 before sellers took control, leading to a sharp drop toward $0.0000330 and briefly testing around $0.0000326.
A key development is the appearance of a TD Sequential "9" buy signal on the weekly chart, as highlighted by analyst Ali Martinez. This indicator, which typically emerges after extended bearish sequences, suggests the downward momentum may be exhausting near the current price zone of approximately $0.0000034. Martinez interprets this as a precursor to a potential relief rally, with a price target of $0.0000050 representing a roughly 50% increase from current levels. Historical precedent supports this signal's accuracy; similar buy flashes in late September last year preceded double-digit price surges for PEPE, albeit short-lived ones.
However, the overall trend structure remains firmly bearish. The weekly chart shows PEPE in a sustained downtrend with consistent lower highs and lower lows since late February, having declined from around $0.0000070. On the daily chart, price consolidates weakly between $0.00000309 and $0.00000343, with the RSI hovering around 44, indicating a lack of strong buying momentum. The Bollinger Bands show price near the lower band, confirming persistent selling pressure.
Market sentiment is divided. Some analysts, like X user The Penguin, view PEPE's chart from an Elliott Wave perspective as signaling a potential "macro bottom" that could precede a major rally. Supporting data shows recent PEPE exchange netflows have been negative, suggesting investors are moving holdings off exchanges into self-custody, which may reduce immediate selling pressure. Conversely, other observers like X user Surya warn of continued weakness, noting that a rejection at the $0.00000345 resistance could trigger a further 7% decline. The token's market cap has shrunk dramatically from over $10 billion at its peak in late 2024 to approximately $1.4 billion currently, reflecting the broader bear market's impact on meme coins.
