In the latest PEPE Price Analysis, discover the latest updates on Pepecoin price decline and whether it’s time to sell.
The meme coin PEPE faced a significant price decline on Saturday, leading to a flurry of speculation among investors and analysts.
PEPE’s daily price dropped by over -6% to $0.000009426. Should you be the next to sell your bags? This article will tell you.
According to CoinMarketCap and IntoTheBlock data, over 92% of PEPE investors were in profit, potentially prompting them to sell their holdings.
PEPE is currently showing bearish signals with potential support of around 3.92B.
Bearish Sentiment Over PEPE Price Persists in the Market
Launched in April 2023, PEPE quickly became a sensation. Major exchanges such as Binance, Bybit, OKX, Coinbase, and Bitget supported Pepecoin trading.
Despite showing strong performance recently, with considerable gains over the past month and quarter. Pepe’s decrease in volume compared to the 30-day average suggests that the momentum might be slowing down, potentially indicating a period of consolidation.
PEPE still maintains a market capitalization of over $3.9 billion, ranking as the 26th largest cryptocurrency.
(PEPEUSDT)
The price action for Pepecoin appears choppy without forming a distinct bullish or bearish pattern. Meanwhile, the current trend is bearish, as indicated by the RSI below 50 and the price below the 200-day SMA.
If you’re looking for potential reveals, key support levels to watch are around 3.92B and 3.90 B.
Both the 20-day and 200-day SMAs are close to each other, indicating no significant divergence that might signal a strong trend change.
DISCOVER: The Top Upcoming Meme Coin Launches in May 2024
Here are a few more things to note about PEPE price analysis if you’re holding:
- Whales: The supply held by top addresses saw a slight drop after a rise on May 14th, pointing to possible sales by whales
- Selling Pressure: Increased selling pressure from both small investors and whales has compounded the bearish trend.
- Comparative Analysis: Dog-themed cryptocurrency Shiba Inu (SHIB) experienced a 3,015% surge in large holder NetFlow, showcasing differing market activities among meme coins.
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RELATED: 99BTC Presale Launches – Here’s Why Big Money Investors Are All In On This Learn-To-Earn Token
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
