The price of Pepe (PEPE) is on the verge of a further sell-off. The top level frog-themed memecoin is forming a potential macro reversal pattern year to date (YTD).
According to market analyst Aksel Kibar, the PEPE price is on the eve of a major correction with a price target of $0.0000146. The crypto analyst noted that Pepe’s price, in the weekly time frame, forms a potential head-and-shoulders (H&S) pattern linked to a bearish divergence of the Relative Strength Index (RSI).
Source: X
Why is the Pepe Price Facing Bearish Sentiment?
Top whale investors are capitulating amid increased fears of further crypto capitulation
The overall demand for Pepe has decreased significantly in recent times. With fears of further crypto capitulation at extreme levels, overall demand for memecoins has remained relatively low.
According to on-chain data analysis, whale investor 0x2f3 has moved the last $3.7 million worth of PEPE to Coinbase. As such, this whale investor has completely exited his Pepe position, which was once valued at $46 million, after holding it since at least June 2024.
Source: X
Market tapering now that Bitcoin continues to weaken compared to gold
The Pepe Futures Open Interest (OI) has fallen significantly amid the ongoing crypto sell-off. According to market data analysis from CoinGlass, Pepe’s OI has fallen from almost $1 billion to around $194 million by 2025.
Source: MintGlass
PEPE’s remarkable deleveraging coincided with the ongoing crypto liquidity crisis. Moreover, Bitcoin has increased in value against Gold in recent months, although the latter has peaked.
What’s next?
From a technical analysis perspective, PEPE price is likely to recover from the current support range and recover to a new all-time high. With the correlation with Bitcoin and Ethereum still high, their potential recovery fueled by the Fed’s policy change will be a line of hope for the frog-themed meme.
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