PEPE gained roughly 13% between October 17 and 22, but the rally now faces renewed pressure as exchanges have taken back a substantial share of tokens withdrawn earlier in the month and short-term technical momentum has weakened.

According to Santiment Intelligence, exchanges regained 2.11 trillion PEPE between October 19 and 22, reversing more than 40% of the 4.77 trillion tokens that left trading platforms on October 16. Over the same period, the token's price retreated from $0.00000510 to $0.00000445, while the Relative Strength Index (RSI) fell to 48.09 and the MACD turned negative.

Analyst Giannis Andreou identified a symmetrical triangle formation on the price chart and views $0.00000500 as a key breakout level, with $0.00000727 a potential next target if resistance breaks and holds on a retest.

Exchange Inflows Reverse Part of PEPE's Supply Decline

Santiment reported that PEPE's exchange supply dropped by 4.77 trillion tokens on October 16, a 6% decline and the token's largest daily decrease since at least October 2. The same day recorded 15 transfers exceeding $1 million each and approximately $20 million in net exchange outflows, running roughly eight times the October 11–15 average, according to Santiment's post on X.

Following those withdrawals, PEPE climbed about 13% from its October 17 close to its October 22 close, while Bitcoin and Ethereum finished the period roughly flat.

The trend has since partially reversed. Exchange supply increased by 2.11 trillion PEPE between October 19 and 22, with net inflows recorded on October 20, 21 and 22, undoing more than 40% of October 16's withdrawals. Exchange balances are a widely watched on-chain gauge because tokens held on trading platforms sit directly on order books and can be sold without any further transfer, while tokens withdrawn to self-custody must first be redeposited before they can be traded on those venues. Whether the current net-inflow streak extends, or daily outflows resume, is the key on-chain data point to watch in the sessions ahead.

Price Rejection Weakens Short-Term Momentum

PEPE recently advanced from around $0.00000380–$0.00000400 and briefly broke above $0.00000500 before encountering resistance near $0.00000510. The four-hour chart, published on TradingView, shows a pullback to $0.00000445, with the latest candle declining 2.84%. Trading volume reached 1.46 trillion PEPE amid elevated activity during both the rally and the subsequent sell-off.

Immediate support sits at $0.00000440–$0.00000445, followed by $0.00000420 and $0.00000400. Buyers would need to reclaim the $0.00000460–$0.00000470 range to challenge the recent peak.

Momentum indicators have shifted lower. The RSI stands at 48.09, below both its 58.15 moving average and the neutral 50 threshold. The MACD line at 0.00000009 remains below its 0.00000011 signal line, with a negative histogram of -0.00000003. The RSI is a 0–100 momentum oscillator in which readings under the neutral 50 line denote softer short-term momentum, while the MACD tracks the gap between two moving averages of price; a line trading beneath its signal line with a negative histogram is conventionally read as fading upward momentum.

Analyst Maps Triangle Breakout Levels

Andreou said PEPE is consolidating between falling resistance and rising support, and that a pullback toward $0.00000410 could precede a breakout attempt. A daily close above the descending resistance line would put $0.00000500 in focus, and if PEPE holds that trendline during a retest, $0.00000727 becomes the next target. Conversely, a daily breakdown below rising support followed by a failed reclaim would weaken the setup. A symmetrical triangle forms as price compresses between converging trendlines, and technicians generally treat a confirmed daily close beyond either boundary as the signal that determines which scenario comes into play. Read together, the coming sessions' exchange flow prints and where daily closes land relative to the triangle boundaries offer the most direct markers for which of Andreou's scenarios develops.