PEPE Price Slump in August
After experiencing a 46% price slump in August, the PEPE crypto has found support around the $0.0000008 range. The slump was a result of malicious actors stealing $15 million worth of assets. However, the recent stabilization of the price suggests a potential rebound for PEPE.
PEPE Long-Term Investors Show Confidence
Recent on-chain data indicates that long-term holders of PEPE are regaining confidence after the sell-off frenzy. PEPE Age Consumed, which tracks the trading activity of long-term holders, has dropped to a two-month low. This decline suggests that sell-pressure has subsided, allowing the price to hold steady above the $0.00000075 support level.
Whale Investors and a Potential Rebound
Whale investors on the PEPE network are taking a hawkish position despite the recent funds theft. Historical data suggests that a positive change in the whales’ disposition could trigger a price rebound. The decline in whale trading activity correlates with the drop in the PEPE price. If the whales react positively and buy the dip, a rebound could occur in the coming days.
PEPE Price Prediction and Resistance Levels
If the whales start buying again, the PEPE price will likely rebound toward $0.0000010. However, if holders at the maximum price of $0.0000010 sell for profits, a bearish reversal could occur. PEPE could reclaim the $0.000002 territory if the resistance level folds. On the other hand, if the support level at $0.0000006 gives way, the price could decline further towards $0.0000005.
Hot Take: More Pain on the Horizon for PEPE?
Despite signs of a potential rebound, the PEPE crypto is still facing challenges. The theft of funds and fluctuations in whale trading activity create uncertainty for the future. It remains to be seen whether the price will continue to stabilize or face further decline. Investors should closely monitor the market and make informed decisions based on the available data.
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