Pepe Coin price has dropped in the last six consecutive days as sentiment in the crypto market has waned.

Pepe coin price has dropped for the last six consecutive days as sentiment in the crypto market has waned. However, the ongoing whale accumulation, rising futures open interest, and a double-bottom or W pattern could be a good bullish catalyst for the coin.

Whale Purchases Could Boost Pepe Coin Price

Pepe coin price could benefit as whales continue buying the dip. Santiment data shows that the supply of Pepe held by whales has been in a steady increase, rising from 147.34 trillion on May 1 to 148.46 trillion today, a 1.1 trillion increase.

The indicator measures the average price that investors paid for Bitcoin over the last 12 months, and it is used to determine whether the coin is overvalued or undervalued.

The MVRV-Z Ratio has dropped to the opportunity zone of minus 0.638, which could be a good factor that could boost the coin in the coming weeks.

Parabolic moves happen when the indicator drops, and it is currently in the opportunity zone, which is a good sign for more gains.

Pepe Futures Open Interest Rate is a Bullish Catalyst

Further, Pepe price may benefit as futures open interest remains higher than its lowest levels in April. A high interest is a bullish catalyst for this top meme coin as it shows that there is more new money coming into the market. It is also a sign of more liquidity in the crypto market.

CoinGlass data show that Pepe’s open interest has been in an uptrend after bottoming at $166 million in March this year. It has risen to $388 million and has been hovering at its highest level since February of this year.

Therefore, this data is a sign that the coin may stage a strong comeback because it shows that there is demand among investors in the futures market.

Pepe Coin Price Technical Analysis: Double-Bottom Points to a Recovery

The daily chart shows that the value of Pepe bottomed at $0.000005683 in March, and then it retested it in April. It has formed a small double-bottom pattern with a neckline at $0.000009210. This pattern often leads to a strong bullish breakout, but in this case, it faced resistance, leading to the ongoing decline. However, this pattern will remain intact if it is above $0.0000056.

Another positive is that Pepe coin price has formed a giant double-bottom at $0.00000056, its lowest level this year and in August last year. It has a neckline at $0.00002830, its November 2024 high, which is up by 267% from the current level.

Therefore, the most probable Pepe price forecast is bullish or contrarian. A move above the resistance at $0.0000092 will be a sign that bulls have prevailed, raising the possibility of it rising to $0.00001465, the 50% Fibonacci retracement level of the 2024 high to low move.

A drop below the year-to-date low will cancel the bullish outlook and point to more downside, potentially to $0.0000038, the 70% Fibonacci retracement level.