Pepe (PEPE) Coin Price Prediction 2021-2022

Pepe [PEPE], like the rest of the memecoin segment, tanked double digits as large investors (whales) rotated funds to other sectors.

Memecoin Pepe [PEPE] witnessed a significant double-digit price decline as a result of large investors shifting their funds to other sectors.

According to the latest Spot On Chain update, one whale has partially sold 130B (nearly $3M) of their PEPE holdings over the past three days to open other altcoin positions.

This move has accelerated PEPE’s pullback to over 20%, measured from the all-time high (ATH) of $0.00002957.

But how far can the decline go before a strong recovery?

PEPE coin recovery chances (12-hour chart)

Source: PEPE/USDT, TradingView

At the time of writing, PEPE’s 12-hour chart showed a bearish market structure and a descending channel.

The price momentum was weak, as depicted by the oversold reading of the Stochastic RSI.

Short sellers could still benefit if the price hit the lower channel or 50% Fib level.

However, the furthest the drop could go was the golden ratio at 61.8% Fib level ($0.000014).

But the RSI was still above the 50 mark, suggesting that demand was still strong despite being flat at press time.

If more speculators jumped on the ‘buy the dip’ train, this could fuel a likely price recovery.

On the upside, the trendline resistance target (white) could be reached if FOMO reignited the uptrend, especially if BTC soars above $100K.

Low sell pressure on CEXes

However, PEPE appeared to have another shot at recovery.

Santiment data showed that sell pressure across centralized exchanges (CEXes) was not as intense as seen in March’s local top.

In March, the PEPE supply on CEXes (yellow line) hit nearly 230T.

As of this writing, the supply overhang has dipped to 171T. This could offer PEPE enough room to recover.

But there was an increased ‘buy the dip’ accumulation spree, as shown by the uptick in supply outside of exchanges (red) as prices declined.

Historically, these signals are deemed bullish indicators and suggest a likely price reversal for the frog-themed meme coin.