PEPE price prediction: market capitalization returns to 6 billion USD, technical and on-chain indicators suggest a significant trend reversal.

After experiencing a year-to-date low, Pepe (PEPE) has gradually bounced back and has re-entered the $6 billion market capitalization threshold in late July. Although the rise in the last 24 hours is only 4.8%, technical and on-chain signals are indicating that this popular Memecoin may be facing a significant trend reversal.

Market attention is rising, search popularity is soaring According to Google Trends data, since PEPE hit the bottom at the end of March, community interest in it has continued to heat up, with the current search intensity rising from 42% to 92%.

In the Memecoin ecosystem, community enthusiasm often directly affects price fluctuations. A similar phenomenon is seen with Dogecoin (DOGE), which currently has a search index of 65 and is still rising.

However, the attention during market peaks often rises simultaneously, so the current increase in enthusiasm may indicate upward momentum, but it may also conceal short-term peak risks.

Break through the key downward trend line, or welcome a real bull market reversal PEPE has been in a continuous downtrend since its peak on December 9, 2024, until it bottomed out at $0.00000568 in March this year, forming a "double bottom" structure. On July 10, the price officially broke through the long-term trend line and completed a pullback confirmation five days later.

If PEPE successfully breaks through the next target of $0.000016, it is expected to bounce back to the high area at the end of 2024. However, if the current price cannot hold above the trend line, this breakthrough may also become a false signal.

As of the time of writing, the trading volume of PEPE has shifted from being seller-dominated for two consecutive days to being controlled by buyers, reflecting a shift in market sentiment towards optimism.

On-chain indicators and whale dynamics release complex signals On-chain data shows that market divergence still exists. According to Onchain Lens, whale investor James Wynn has closed his long positions in PEPE and ETH, realizing a profit of $538,500, and has turned to a 10x leveraged long position in Dogecoin, indicating his expectation of a short-term pullback in PEPE.

IntoTheBlock data shows that the current NVT ratio of PEPE is 43.21, which is below the previous range average of 26-120, indicating that its price may be overvalued relative to on-chain transaction value.

In the past 24 hours, the indicator has decreased by 30.92%.

In terms of correlation, the price correlations of PEPE with Bitcoin (BTC) and Ethereum (ETH) over the past 30 days are 0.92 and 0.95 respectively, reflecting a high degree of price movement linkage with mainstream crypto assets. The total number of holding addresses is 431,290.

Conclusion PEPE is currently at the intersection of technical analysis and on-chain data. If the breakthrough from bear to bull can be sustained, it will inject new vitality into the Memecoin market. However, whale activity and valuation indicators remind investors to remain cautious. Whether PEPE can hold the key support level in the coming days will determine the true direction of its trend.