Crypto Quill

A steep pullback in the meme coin sector is rattling traders, but PEPE holders aren’t backing down. Despite a dip in the broader market, bulls seem to be gearing up for another charge.

The popular frog-themed token is down around 1.5% in the past 24 hours, now hovering at $0.00000851. But behind the scenes, price charts are hinting at something bigger. With bullish patterns taking shape, PEPE may just be warming up for a breakout — possibly aiming for $0.00001237, if momentum holds.

Meme Coins Tumble as Supply Pressure Builds

It’s been a rough couple of days for meme coins. The market’s been flooded with sudden sell pressure, and it’s not just PEPE feeling the pinch.

Pepe’s market cap currently sits at $3.85 billion — still holding strong as the third-largest meme coin. But that hasn’t stopped short-term traders from unloading. With rising volatility and panic selling, the broader meme coin basket has been caught off guard.

Two days ago, the memecoin segment looked relatively stable. But a sharp wave of red swept across smaller caps first, triggering a domino effect.

Now?

• PEPE is down 1.5% in 24 hours

• Dogecoin has slipped by 3.1%

• Shiba Inu shed 2.4%

• FLOKI dropped 5.2%

This isn’t just normal profit-taking — it’s emotional trading in full swing.

Bulls Cling to Key Chart Patterns

Here’s the kicker: while many are cashing out, the technical setup for PEPE still looks strong.

On the 4-hour chart, analysts are pointing to a breakout from a falling channel. That’s often a bullish sign, especially when it comes after a period of heavy correction.

But that’s not all. An inverse head-and-shoulders pattern — one of the most reliable trend reversal signals — appears to be forming. If confirmed, it could mean a full reversal is on the cards.

Momentum is key right now. Even small breakouts could spiral into bigger rallies, especially in the meme coin world where price surges tend to feed on themselves.

One trader wrote on X (formerly Twitter):

“If PEPE holds above $0.0000080 for another 6–8 hours, we could see a parabolic move by Monday.”

$0.0000050 or $0.00001237 — Which Comes First?

This is the part where things get interesting. The current trading range puts PEPE right in the middle of a psychological battleground.

Support sits near $0.0000050 — a level that hasn’t been tested in weeks. If panic selling intensifies, there’s definitely a chance the price tests that floor. But bulls have a different number in mind: $0.00001237.

That’s the target derived from projecting the potential breakout height of the inverse head-and-shoulders formation.

This tug-of-war could go either way, but there are three key zones worth watching:

Short-term sentiment looks jittery. But structurally, bulls still have the upper hand — for now.

Social Buzz Is Cooling, But Long-Term Holders Stay Calm

The meme magic seems to be fading a bit — at least on social media. Hashtags like #PEPECoin and #FrogArmy have lost some steam compared to early March.

Mentions on X are down nearly 28% week-over-week. And Google Trends shows a tapering off of global search interest for “PEPE crypto.” Not exactly what you want to see during a rally attempt.

But something else is happening under the surface.

Wallet data shows that longer-term holders aren’t moving much. In fact, according to on-chain analysis by Lookonchain, more than 73% of PEPE’s top 100 holders have not made any significant moves in the past week.

That’s quietly bullish.

What Could Derail the Momentum?

There are a few red flags to keep an eye on. For one, broader crypto market sentiment is still shaky. If Bitcoin or Ethereum sees another big pullback, it’s hard to see PEPE pushing higher in isolation.

Also, whales. Several large wallets made unusual transactions in the past 48 hours — transferring PEPE to exchanges. That doesn’t guarantee a dump, but it does raise eyebrows.

In short:

• Bitcoin correction could drag PEPE down

• Whale movements look suspicious

• Short-term RSI hints at mild overbought levels

• Funding rates on PEPE perpetuals just turned positive again

That last point is a double-edged sword. It suggests bullish positioning — but it also means liquidation risks if the market turns.

TL;DR: It’s Crunch Time

PEPE isn’t out of the woods just yet. But this is a coin that thrives on volatility. And while the market’s having a mini meltdown, PEPE’s setup still looks oddly constructive.

Some traders are expecting fireworks.

Others? Bracing for another leg down.

But one thing’s for sure — over the next few days, PEPE’s price action will tell us everything we need to know. Either bulls seize the moment, or $0.0000050 looms large as the next test of nerves.