Can Pepe Coin Bounce Back? Insights On Its Future Post-Critical Support Drop

2023-9-12 12:00

Pepe Coin has been on a wild ride in early September, characterized by significant price volatility and a troubling dip in its performance. 

The price action of PEPE early this month followed a bearish pennant pattern, marked by two converging trendlines. This pattern typically signals indecision in the market, as buyers and sellers wrestle for control. However, the situation took a turn for the worse as the coin broke below its support trendline, increasing the pressure on the supply side.

As of the latest data from CoinGecko, the coin is trading at $0.00000067, showing a 3.9% loss in the past 24 hours and a substantial 14.4% decline over the past week. Most notably, PEPE has tumbled out of the coveted crypto top 100 list on CoinGecko.

PEPE Selling Pressure Intensifies

On September 10, PEPE suffered a bearish breakdown as it breached the support trendline. This development, coupled with a rising supply pressure across the altcoin landscape, resulted in a sharp decline in the value of PEPE. Investors and enthusiasts began to question the coin’s future as it struggled to maintain its position.

Adding to the concerns surrounding PEPE, a tweet from Lookonchain on September 11 drew attention to a peculiar event. Several investors opted to sell their PEPE holdings, swapping them for PNDC (Pandacoin). Three wallets collectively sold a staggering 1.38 trillion PEPE tokens for 600 ETH, equivalent to approximately $965,000. In a surprising twist, they reinvested 600 ETH to purchase 487 billion PNDC tokens.

We noticed that 3 wallets changed their $PEPE positions to $PNDC today.

They sold a total of 1.38T $PEPE for 600 $ETH($965K) and spent 600 $ETH to buy 487B $PNDC.

Address:https://t.co/tPT0P3KvOghttps://t.co/nKOS9H3tbGhttps://t.co/EzkRW2BuPt pic.twitter.com/f7rUHZY2jx

— Lookonchain (@lookonchain) September 11, 2023

On-Chain Metrics Paint A Grim Picture

A deeper look at PEPE’s on-chain metrics reinforced the growing unease within the crypto community. Buying pressure on the meme-inspired coin remained high, which, paradoxically, contributed to the bearish sentiment. Notably, PEPE’s supply on exchanges experienced a sharp increase over the past few days, indicating a surge in selling activity. 

What Lies Ahead For Pepe Coin?

This shift occurred simultaneously with a decrease in PEPE’s supply outside of exchanges, further highlighting the rising selling pressure. Moreover, PEPE’s exchange inflow witnessed a noticeable spike, while the total number of holders declined, painting a gloomy picture for the cryptocurrency.

PEPE’s early September performance has been nothing short of turbulent. Its journey from a bearish pennant pattern to a breakdown below support has left investors and enthusiasts concerned about its future. The notable wallet activity and on-chain metrics only serve to compound these concerns, leaving the crypto community with more questions than answers about the fate of PEPE in the coming days.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Tallahassee Democrat

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Pepe Cash (PEPECASH) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: -0.04 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0082773 (-100%)

pepe price early coin action performance dip

pepe price → Результатов: 126


Experts: Pepe Price Bottom Is In, New Meme Coin MK One to Watch With Doxxed Team

After a brutal bear market earlier this year that saw Pepe’s (PEPE) price crash by over 86% from its all-time high, many experts now believe the bottom is in, and a recovery is underway. Some of the most followed traders are calling for PEPE to return to May’s high in the months ahead as demand … Continued The post Experts: Pepe Price Bottom Is In, New Meme Coin MK One to Watch With Doxxed Team appeared first on BeInCrypto.

2023-11-10 18:00


Pepe Price Crash Continues – Biaocoin, Wall Street Memes Next Big Meme Cryptos?

The bearish momentum surrounding Pepe coin ($PEPE) shows no signs of slowing, with the token’s price dropping by 5% at the weekend and still in the red today despite the Bitcoin price rallying. Although $PEPE was offered some brief respite in the days following its 80% correction, this positive sentiment has been exhausted, with bears … Continued The post Pepe Price Crash Continues – Biaocoin, Wall Street Memes Next Big Meme Cryptos? appeared first on BeInCrypto.

2023-5-29 17:16


Фото:

PEPE price dives after Whale transfers trillions of tokens to Binance

At press time, PEPE was trading at $0.000002328. The token price has declined by 10.93% in the last 24 hours. PEPE hit an all-time high of $0.000004354 on May 5, 2023. Three days after hitting its all-time high, PEPE, a meme token that has seen its popularity go through the roof recently, is now on […] The post PEPE price dives after Whale transfers trillions of tokens to Binance appeared first on CoinJournal.

2023-5-8 10:49