Pepe Coin Price Prediction: 25% Downside Looms Amid Waning Whale Support
Highlights
- Pepe Coin price prediction may hint at a prolonged correction trend amid wedge pattern formation.
- The $0.000009 level, backed by nearly 30 trillion PEPE across 20,000 addresses, has become sellers' key area of interest.
- A potential bearish crossover between 50-and-100-day EMA may accelerate bearish momentum.
Pepe coin price prediction shows a 3.6% jump to $0.00000875 on Sunday amid Bitcoin sustainability above $60000. This renewed recovery indicates stability for a follow-up rise after the Thursday rally in the crypto market. Will the meme cryptocurrency sector outperform the other assets due to its volatile nature, or will sellers await a comeback?
Pepe Coin Price Prediction Hints Potential Reversal
This week, the meme coin sector showcased a notable recovery as the broader market carried a relief rally after the July sell-off. This bullish turnaround uplifted the Pepe coin price from $0.00000585 to $0.0000086, registering a 47% rally. Consecutively, the market cap boosted to $3.65 Billion.
Despite a brief recovery, IntoTheBlock analytics reveals a significant decline in Pepe Coin’s large transaction volume. From a peak of 585 Txs on August 5th, the metric has plummeted to just 79 Txs, marking an 86.5% drop. This sharp decrease indicates a waning interest from whales, suggesting that the recent price rally might lack the momentum to sustain itself.
Pepe coin price prediction shows an overhead supply at the $0.000009 level backed by a 20-day exponential moving average as a dynamic resistance. A potential bearish crossover between the 50-and-100-day EMA could accelerate the selling pressure for another reversal.
Additionally, the In/Out of the Money Around Price (IOMAP) metric indicates that approximately 20,000 addresses hold over 30 trillion PEPE tokens at an average purchase price of $0.000009. This large overhead supply, currently at a loss, may sell their tokens at break-even in anticipation of a market correction, potentially intensifying the selling pressure.
A bearish turnaround may set the PEPE price prediction for a 25% drop to revisit the wedge pattern support at $0.0000065.
However, the falling wedge pattern typically signals a bullish reversal after a downtrend, characterized by converging trendlines that signal waning bearish momentum.
The Relative Strength Index (RSI) bounced from the oversold region to 41%, signaling that the asset holds strong demand at a discounted price.
Thus, pepe coin breakout from the $0.000009 barrier will signal an initiation shift in market sentiment. Following the pattern formation, the buyers could drive a 20% rally to challenge the overhead resistance at $0.00001.
Frequently Asked Questions (FAQs)
1. What factors are contributing to the possible 25% drop in Pepe price?
2. Could the falling wedge pattern signal a bullish reversal?
3. What do technical indicators suggest about Pepe Coin?
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