PEPE’s price dropped in double digits in the last week, but buying pressure increased.
- PEPE’s value dropped by over 15% in the last seven days. Whales started to accumulate more, hinting at a trend reversal.
Pepe [PEPE] has witnessed much volatility in both directions of late, and the last week was bearish. This was the case after reaching an ATH; the memecoin’s price turned bearish and dropped by double digits.
However, a recent development suggested that the trend might change.
PEPE’s rollercoaster ride
The memecoin made headlines a few weeks ago as its price reached an all-time high. However, the trend changed later. According to CoinMarketCap, the PEPE price dropped by more than 155 in the last seven days.
In the last 24 hours alone, the memecoin’s value dropped by over 4%.
At the time of writing, the memecoin was trading at $0.00001225 with a market capitalization of over $5.15 billion.
It was interesting to know that at one point in time, more than 95% of all PEPE investors were in profit. But the recent price drops changed the plot.
AMBCrypto’s look at IntoTheBlock’s data revealed that only 85% of investors were in profit at press time. This bearish price action had a negative impact on the memecoin’s social metrics.
For instance, its Weighted Sentiment went into the negative zone, meaning that bearish sentiment around the memecoin was dominant. Its social volume remained high, reflecting its popularity in the crypto space.
Source: Santiment
Is a trend reversal around the corner?
Meanwhile, on the 9th of June, a whale bought 231.6 billion PEPE, worth over $2.9 million, from Kraken, a Lookonchain tweet revealed.
AMBCrypto then analyzed Santiment’s data. We found that PEPE’s exchange outflow spiked last week. Its Supply on Exchanges dropped, while its Supply outside of Exchanges increased.
This clearly hinted at a rise in buying pressure. Additionally, the memecoin’s supply held by top addresses also increased, which meant that whales were accumulating the memecoin in hope for a price surge.
Source: Santiment
We then took a look at PEPE’s daily chart to see whether it was preparing for a rally. We found that the Chaikin Money Flow (CMF) registered a downtick in the recent past.
The Relative Strength Index (RSI) also registered a downtick, and, at press time, was placed under the neutral mark. Additionally, the MACD displayed a bearish advantage in the market, minimizing the chances of a trend reversal.
Source: TradingView
Read Pepe’s [PEPE] Price Prediction 2024-25
AMBCrypto’s analysis of Hyblock Capital’s data revealed that if the memecoin remains bearish, then investors might witness PEPE drop to $0.0000109.
However, if a trend reversal happens, then the memecoin might touch $0.0000156 soon.
Source: Hyblock Capital
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