PEPE traded in a narrow range last week, extending a period of muted price action after a broadly subdued week for the cryptocurrency market. The sideways movement follows last week’s broader downturn across digital assets, which weighed on market sentiment.
Despite the pullback, on-chain data suggests PEPE’s largest holders are quietly accumulating, signaling early positioning for a potential rebound.
According to crypto analytics firm Santiment, the top 100 PEPE wallets began accumulating aggressively about four months ago, during the October market downturn. Since then, these wallets have amassed over 23 trillion PEPE tokens.
“Smart money wallets play a huge part in altcoins eventually reversing course and going on major runs,” Santiment noted in a tweet earlier this week.
According to the firm, although retail sentiment toward PEPE and the broader meme-coin segment remains deeply bearish, the accumulation could lead to renewed breakouts once Bitcoin is able to maintain bullish momentum.
Meanwhile, investor focus has increasingly shifted toward this price area, with some analysts suggesting the current range could serve as a short-term base.
Earlier this week, analyst Pepe Whale highlighted a descending triangle pattern that has been slowly compressing along its support line. This formation generally signals weakening selling pressure, suggesting that further downside may be limited unless the price decisively drops below the established support level.
“PEPE is flirting with exhaustion right at a key demand shelf,” he noted. “The pattern illustrates an extended decline tapering into compression along a major support line. We are closely watching support near 0.0000030 and resistance around 0.0000050.”
The observation underscores a cautious optimism, indicating that while the token faces pressure, its immediate downside may be contained unless a critical breach occurs.
Elsewhere, analyst DeFi Priest noted that PEPE’s chart structure may signal an early trend reversal.
He recommended caution and patience, suggesting that the market could first trigger stop-loss orders near current lows before confirming a bullish move with a strong upward candle.
“Structure indicates a change in trend after taking out its all-time low, followed by a strong rejection forming liquidity,” DeFi Priest said. “We would play it safe and wait for confirmation before entering. Our target is the next demand zone, with stops set slightly below the current all-time low.”
For now, PEPE remains near critical support levels, with technical analysts cautiously optimistic about a potential bounce. While short-term volatility is expected, the accumulation by top wallets suggests that confidence in a future recovery remains strong.
At press time, PEPE was trading at $0.0000044, up 0.40% over the past 24 hours.
