PEPE/USDT has seen an immense increase of over 38% in the past two weeks, with its market value currently at $0.000007282. Recently, the meme coin experienced a slight pullback but remains on an overall trend that hints at a possibility for further upside.
In line with the weekly chart analysis, PEPE completed a classic Elliott Wave pattern comprising a five-wave-up impulse, which was then completed by a typical ABC correction. Afterward, the token’s price stabilized around a crucial support zone within the $0.0000054-$0.0000038 range, an area that has historically proved formidable.
True to its reputation, PEPE’s price found footing within this range and shifted its market sentiment to bullish, gaining over 38% upon touch. Assuming history repeats itself, whereby the support holds steady, PEPE is anticipated to witness a market structure shift to the upside, with the possibility of forming another five-wave-up impulse Elliot Wave pattern.
PEPE/USD 1-Week Chart
Such a scenario is, however, valid only if PEPE’s weekly candlestick closes above the 23.60% Fibonacci retracement level at $0.0000010713. This could validate a Change of Character (CHoCH) concept in PEPE’s market, meaning an impending transition from its bearish price action to a bullish one.
Another form of bullish logistics that supports the upward movement outlook is the Chaikin Money Flow Index, which indicates a profound buying pressure against selling. As observed in the weekly chart analysis, the indicator sits along the zero line at 0.00 and points to the upside.
This follows a bounce back from the -0.05 level, a historical reversal point where the index has consistently reversed. A breakthrough above the zero line could signal an influx of money into the market, supporting the validity of the expected bullish movement.
Is PEPE’s Volume Drop Just a Pause Before a Surge?
Based on CoinGlass on-chain data, the PEPE token peaked at $5.30 billion in its derivatives trading volume on November 14, 2024. Since then, the volume has generally decreased, though it has shown occasional brief upticks.
PEPE/USD Derivatives Trading Volume
The on-chain data, however, points out that PEPE’s volume has consistently remained below the $1.10 billion mark since February 2025. At press time, PEPE’s derivatives trading volume is $627.71 million, a 16.40% decline in the past 24 hours.
This suggests that the token lacks sustained trader interest, which could pose a challenge to the predicted upward price trend. Despite the cryptocurrency’s trading volume remaining lower than previous peaks, continued interest remains, and a surge past $1.10 billion might trigger a sustained recovery.
