- Pepe Coin drops 24.2% amid market correction but stabilizes near a strong historical demand zone between $0.0000060 and $0.0000075.
- A large investor purchased over 600 billion PEPE worth nearly $5 million, signaling rising confidence despite market volatility.
- Analysts suggest a rebound may form if the price reclaims $0.0000104, supported by strong whale activity and market accumulation.
Pepe Coin witnessed a steep 24.2% drop over the last 24 hours as the broader cryptocurrency market continued its downward trajectory. The decline followed Bitcoin’s correction and the fading speculative momentum across memecoins. Despite the downturn, PEPE’s current position near its historical demand zone has drawn renewed interest from investors.
The token currently trades at $0.00000706, recording a modest rebound after briefly falling below a wedge pattern. Market data highlights that the area between $0.0000060 and $0.0000075 has historically served as a strong demand region. Earlier this year, the same range triggered a rally exceeding 120%, reinforcing its significance as a potential accumulation zone for traders.
Resistance Levels Remain a Key Barrier
While the recent uptick offers temporary relief, analysts emphasize that PEPE must break above resistance levels at $0.0000104 and $0.0000129 to confirm a bullish reversal. According to CoinGape’s analysis, a successful breakout from this zone could pave the way toward $0.00001500 in the short term. The current technical setup reflects a delicate balance between recovery potential and ongoing bearish pressure.
On-chain data from Lookonchain reveals a notable whale purchase exceeding 600 billion PEPE tokens, valued at roughly $4.97 million. The same wallet retains around $1 million in USDC, suggesting the potential for further accumulation if prices remain subdued. Such large-scale buying often occurs during heightened market fear, indicating growing confidence among major holders.
Market Outlook Supported by Accumulation Trends
The influx of whale investment suggests a stabilizing sentiment within the Pepe Coin market. While retail participation has eased, institutional-sized purchases underscore the belief that the current price range could represent a favorable entry point. Market observers anticipate that sustained buying pressure and a recovery above the $0.0000104 level may confirm a transition toward a renewed bullish phase for the memecoin.
