PEPE’s weekend prediction – Why THIS level will dictate memecoin’s price action

by
    PEPE has fallen by about 18.2% in the last 3 days alone
    Metrics seemed indecisive about memecoin’s short-term price action

As a seasoned researcher who has navigated countless market fluctuations, I must say that the recent volatility of PEPE has caught my attention. The steep decline of around 18.2% over the last three days has raised concerns about its short-term price action, especially when we consider its proximity to the critical support level.

PEPE’s value has experienced notable fluctuations lately. Specifically, over just the past three days, its price has dropped approximately 18.2%, which is moving it near the crucial support level at around $0.000009022. After a phase of stability that concluded on July 30th.

Over the past several days, the value of the memecoin has noticeably dropped. This contrasts with the previous period where its price moved sideways. It’s important to note that the memecoin appears to have broken out of its holding pattern a few days ago. To maintain an upward trajectory now, it’s crucial to halt this breakdown in the coming days.

As I pen down these words, the token’s price is almost touching the crucial support level of $0.000009022. Should this level be surpassed, it might indicate a potential decrease in its value, suggesting a continued depreciation for PEPE.

Read more$70 million in 24 hours: Can Ethereum crack $4,000 thanks to whales?

PEPE’s weekend prediction – Why THIS level will dictate memecoin’s price action

According to AMBCrypto’s examination of Coinglass data, there were noticeable changes observed in the graphs, particularly indicating times of large deposits and withdrawals.

As I write this, it appears that there’s been a rise in sell-offs, which coincides with the drop in prices shown on the graphs. This could suggest that many investors are liquidating their assets, likely because they’re worried about potential future declines.

PEPE’s weekend prediction – Why THIS level will dictate memecoin’s price action

Moreover, AMBCrypto delved deeper into the in-and-out-of-money data from IntoTheBlock. This data showed that about 72.85% of PEPE wallets are currently in a profitable position, with the majority of these profit-making accounts having purchased at prices lower than the current market value.

Read moreBitcoin halving could be a ‘sell-the-news’ event, at least for a few months

Instead, it’s important to note that while 23.37% of investors are currently experiencing losses, they can’t simply be dismissed. In fact, their potential for increased selling could intensify the existing downward trend, or in other words, prolong its bear market phase.

PEPE’s weekend prediction – Why THIS level will dictate memecoin’s price action

PEPE’s recent decrease in value is approaching a significant threshold on its charts. Should the price stay above this point, there might be signs of a turnaround for the meme coin.

If the negative trend continues and the price falls below its current support, PEPE could potentially drop more in value.

Read More

2024-08-03 09:11