Traders who have recently been watching PEPE have seen that 80% surge, and the subsequent rapid decline caught many off guard. But on-chain data suggests the story may not be over yet.

Large transaction volumes have surged by 630 recently, and whale holdings are more active than anywhere else on the network. What does this usually indicate? While retail investors are cutting losses, smart money might be quietly positioning itself. The anticipation of a meme season is heating up, and leading projects within the Ethereum ecosystem are beginning to attract attention.

Technical signals warrant close examination. Short-term support is around $0.0000057. If this line holds, a double bottom could form. The more critical breakout level is at $0.0000078—once volume breaks through here, PEPE could initiate a new upward cycle. If the trend truly takes shape, the mid-term target could be around $0.00003, implying about 400% potential upside from the current position.

Indicator signals are somewhat contradictory. RSI has fallen back from overbought territory to 55, indicating cooling momentum, but the downtrend has not yet been broken. MACD has formed a death cross, suggesting a possible short-term dip back to around $0.000005.

But history tends to repeat itself—after a sharp rise, a plunge is often not the end, but a buildup before the next wave upward. PEPE is currently at the end of a long-term descending wedge. Once it breaks upward from this pattern, the outlook could be quite promising.

The key remains whether it can effectively break through critical price levels. Volatile assets require more cautious risk management—set stop losses and be prepared.