PEPE has been bleeding since December – the funky frog is down 45% and counting. 

But the charts are whispering about a comeback, and the numbers might just surprise everyone.

When everyone's calling game over, the king of memecoins might have one more trick up its sleeve.

The Technical Tale

A falling wedge is forming on PEPE's daily chart – a shape that usually suggests that we’re entering bullish territory. 

The 200 EMA is holding as support, and the RSI is flirting with oversold levels. 

If this pattern plays out, we could see $0.000019, a clean 30% jump from here.

The lower boundary has been tested multiple times since December, and each bounce gets stronger. 

That suggests accumulation and a stronger base from which to launch this rocket.

We’ve also seen almost $161.36 million worth of PEPE leaving exchanges over the past six days. 

That's not a small amount, and if history tells us anything, it means that whales are moving their coins to cold storage for safekeeping. 

Coinglass says long-term holders are loading up, too.

When smart money moves this much PEPE off exchanges, they're usually not planning to sell anytime soon, so the likelihood of major moves upward becomes more likely. 

The Danger Zones

But there's danger lurking around every support level. 

Traders have stacked $2.62 million in longs at $0.00001446 and $3.73 million in shorts at $0.00001542. 

One wrong move could trigger a liquidation cascade. 

Plus, trading volume's down 35% - never a great sign when we need momentum to drive the movement upward.

Remember that leverage levels are double-edged swords. 

They could fuel an explosive rally if shorts get squeezed, but they could also amplify any downside moves.

PEPE is sitting at $0.00001494, down 4.50%, and Bitcoin and Ethereum's struggles aren't helping.

However, the thing about memecoins is that they don't always play by market rules – one viral tweet can change everything.

The broader market might be bearish, but PEPE has shown before that it can pump regardless of what Bitcoin's doing. 

What Could Pop It

Three things could light this fuse:

Leveraged positions getting squeezed, the broader crypto market finding its feet again, or social media catching PEPE fever.

But there's more to watch, with exchange flows suggesting that accumulation isn’t done yet.

Supply shock becomes a real possibility if whales keep buying and moving off exchanges.

Overall, the setup looks good, but this is meme coin land. Technical analysis is helpful, but it’s far from a sure thing. 

Welcome 2025, where the charts matter until they don't, and a frog can still mint millionaires.