Pepe Coin (PEPE) Price Prediction: Uncertain Price Action Stalk Meme-Based Cryptocurrency Despite Signs of Accumulation

Pepe Coin (PEPE), a meme-based cryptocurrency known for its large community following and viral internet appeal, faces uncertain price action following recent market movements.

Pepe Coin (PEPE) faces uncertain price action despite a 4.40% drop and ongoing outflows from exchanges. However, large holders appear to be accumulating the token, and a Golden Cross technical pattern suggests potential for future rebound if broader market conditions improve.

After gaining immense traction through viral culture on the internet and a subsequent surge in trading interest, the meme-based cryptocurrency has seen better days.

As the token faced renewed selling pressure and uncertainty in price direction, it dropped 1.96% over the past day to $0.00000738 by 08:08 ET (12:08 GMT). This downturn came after a slight rally which saw the token rising to around $0.00077 before some resistance level reversed it.

The downturn also saw the market capitalization drop by 2.37% to $3.1 billion. Despite the bearish trend, trading volume rose by 8.79% to $735.89 million, indicating sustained market participation and investor monitoring.

The token’s supply remains largely distributed, with 420,680,000,000 tokens in circulation out of 420,690,000,000 total tokens possible. Inflation risk is also a drawback with over 419K wallet, and an extensive holder base which indicates participation during bear trends.

PEPE Price Drops As One Wallet Empties Binance Holdings

A recent transaction by a prominent wallet, qianbaidu.eth, added a new dimension to market sentiment. The wallet withdrew 506 billion PEPE tokens, worth about $4.4 million, from Binance (OTC:BNB3F). This address has a track record of realizing $7.34 million in profits from previous PEPE trades, suggesting a possible strategic accumulation move.

Moreover, in March, 542 new PEPE holders entered the market. This increase in unique holders could indicate renewed accumulation interest, especially if large wallets continue buying during reduced-price periods.

Completing the March additions, high net-worth individuals and institutions flocked to the token. At the time, data showed that unique PEPE addresses rose to 1.42 million, a significant increase from the 932,000 unique addresses in December 2022.

PEPE Price Chart: Is Recovery In Sight After March lows?

The March additions completed a busy period for new PEPE buy-side activity, with unique PEPE addresses rising to 1.42 million, up from the 932,000 unique addresses in December 2022.

The analysis of exchange data from early June to late March reveals a persistent net outflow pattern for PEPE, suggesting ongoing selling pressure. The trend became more pronounced from late December through February, following brief inflow spikes in mid-November and early December. Those spikes, peaking near $150 million, coincided with short-lived price rallies but were followed by stronger outflows.

Currently, netflow is still negative, which means that people are still putting less money into PEPE than they are taking out, and may cause its value to fall lower.

Relative Strength Index (RSI)

Technical indicators highlight a state of indecision. The Relative Strength Index (RSI) stands at 47.55, below the neutral 50 level, while its 14-day moving average is at 49.38. This positioning indicates that PEPE is neither in overbought nor oversold territory.

After spending several weeks in oversold conditions, RSI dropped below the 30 level in mid-March, suggesting that some technical traders believe the token is becoming oversold and due for a potential rebound. However, the lack of overbought levels in the past few months also indicates that buying pressure wasn’t strong enough to push RSI over 70, which may be a challenge for the meme coin in the coming months.

If the RSI continues to rise and crosses above the neutral 50 level, it could suggest that the token is gaining momentum and could see further price increases. However, if the RSI falls further and breaks below the oversold level of 30, it could suggest that the token is facing strong selling pressure and could see further price declines.

Movements In MACD Line Suggest Sluggish Momentum

The MACD line, at 0.00000005, is closely followed by the signal line at 0.00000010, with a flat histogram. This suggests that there has been no consistent direction in either direction or the movement has been rather sluggish.

The MACD is a trending indicator, used to identify the strength, direction, and momentum of price trends in a security or commodity. It is calculated by subtracting the 26-day exponential