Pepe (PEPE), the third-largest meme coin, has caught attention after a 20% drop over the past three days. A notable whale wallet spent 1.34 million USDC to buy 173 billion PEPE tokens, following a previous profitable trade that yielded over $1.77 million. This has sparked speculation about a potential rally.

Technically, PEPE looks bullish as it has bounced off a rising trendline and is heading toward breaking the previous day's high. The RSI is in the oversold zone, indicating a possible reversal. If PEPE breaks above $0.0000102, it could see a 65% rally in the coming days.

PEPE's open interest has increased by 3.5% recently, showing growing investor interest despite a recent price drop. Currently trading near $0.0000081, PEPE has gained 66.5% in the last 24 hours, although trading volume is down 27%, suggesting reduced market participation.