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PEPE has pushed deeper into its corrective phase in early February after a sharp selloff wiped out nearly half of its value in just two weeks. The meme coin is now trading around its yearly low zone following a 48% decline that unfolded in line with a technical outlook shared by an analyst on X.
PEPE’s price action since the start of the year shows a full unwind of a few days’ rally, and the next question is whether the meme coin is still working through distribution or preparing the ground for its next major phase.
PEPE Completes Full Reversal To Yearly Lows
PEPE, like the rest of the crypto market, is trading in a bearish momentum. This bearish momentum is much more established among meme coins like PEPE, which have mostly been trading in a downtrend. PEPE, in particular, has been trading in a consistent series of lower highs and lower lows since May 2025.
According to a technical update from an analyst, PEPE has now completed what he described as a full reversal toward its yearly low, with price unwinding the upside move that marked the opening weeks of 2026.
The February update ties directly back to an earlier analysis published on January 5, where the same analyst warned that PEPE’s early-year rally showed characteristics of a manipulated move. Back then, its price surged directly from the yearly open to $0.00000715 without printing lower wicks across multiple timeframes.
Also, price failed to confirm quality accumulation confirmations at the bottom, which then led to a downside move just as fast as price pumped up. As it stands, PEPE has now corrected by around 48% from this January peak.
No Accumulation Signals Yet
Unlike the rally in early January, the ensuing drop did not occur impulsively in a single flush. Instead, it followed a steady corrective path that respected higher-timeframe targets laid out in advance. This is important context, with the analyst noting that hitting bearish targets does not automatically translate into an immediate bullish response.
Looking at PEPE from a structural standpoint, its price has done what was expected, but it has yet to show any behavior that would suggest accumulation or sustained demand stepping in at the current price level. Based on this perspective, there is a need for patience, as further consolidation or even additional volatility could still be required before a more constructive structure develops.
At the time of writing, PEPE is trading at $0.00000425, having rebounded a little from an intraday low of $0.00000402. The technical outlook for now is that while the major corrective objectives have been met, PEPE might still continue its decline and keep falling in the near term.
