PEPE Price Analysis: Long-Term Holder Sell-Off and Potential Recovery
PEPE price experienced a rare 4% gain on Thursday, August 17, despite industry-wide challenges. However, on-chain data suggests that the sell-off by long-term holders could hinder a quick price recovery.
- PEPE Mean Coin Age has been steadily declining since the end of July, indicating a selling frenzy among long-term investors.
- If long-term holders continue to sell this week, it could impede any bullish momentum and trigger a bearish reversal.
- The recent PEPE holders are currently at a 6% loss, but the MVRV ratio suggests that they haven’t experienced significant losses since mid-June.
- Unless a major market fear, uncertainty, and doubt (FUD) event occurs, the sell-off could slow down as PEPE approaches the $0.00000099 level.
- Considering the on-chain trends, the PEPE price could drop by an additional 10% before entering recovery mode.
Hot Take: The sell-off frenzy by long-term holders may subside as PEPE approaches a support level, potentially leading to a rebound and avoiding double-digit losses. However, if support fails, PEPE could drop below $0.0000009. On the other hand, if momentum flips bullish, PEPE could head towards $0.000002.
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