PEPE’s Price Action & Potential Bearishness
Currently, PEPE’s price is in a precarious position, having experienced a breakout from a descending wedge only to falter soon after. If the support level of $0.00000624 is lost, the meme coin could potentially slide to a two-month low. Here’s what you need to know:
Whales Selling Impacting PEPE
- Increased uncertainty surrounds meme coins like PEPE, leading investors to act swiftly.
- After a green candlestick on April 20, whales began selling their holdings for profits.
- Addresses holding between $10,000 to $10 million collectively sold over $120 million worth of PEPE in a span of ten days.
PEPE Network Growth Decline
- PEPE’s network growth has fallen in recent weeks, hitting a two-month low.
- New address formation on the network reflects market traction, with a decline suggesting caution among investors.
PEPE’s Price Prediction & Recovery Possibilities
With PEPE trading below the vital support level of $0.00000633, there is a looming sense of bearishness. If this sentiment prevails, PEPE’s price might dip further to $0.00000474, marking a two-month low. However, there is hope for reversal:
- If investors push against the bearish trend and PEPE reclaims $0.00000633 as support, a recovery might ensue.
- Bouncing off this support level would invalidate the bearish outlook, potentially sending PEPE above $0.00000700.
Final Thoughts:
Despite the recent setbacks, there is still potential for PEPE to recover and make a bullish move towards higher price levels. The crypto market is known for its volatility, so staying updated on price movements and market trends is crucial for making informed investment decisions.
By
By
By
By
By