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Cryptocurrency News Articles
PEPE Price Correction May Be on the Horizon as Selling Pressure Rises
Oct 13, 2024 at 08:00 am
PEPE's price charts gained significantly over last 24 hours. Given the prevailing market conditions, the memecoin's price action had many in the community talking.
The price of PEPE (CRYPTO: PEPE) saw a remarkable increase over the last 24 hours. This price movement, given the current market conditions, had many within the community discussing the memecoin’s next move.
However, recent updates hinted at a possible bearish trend. Does this mean that PEPE is set to record a price correction once again?
Selling pressure on PEPE rises?
According to data from CoinMarketCap, the frog-themed memecoin saw a hike of over 5% over the last 24 hours. At the time of writing, PEPE was trading at $0.00001001, with a market capitalization of over $4 billion.
As a result, over 219k PEPE addresses were in profit, which constituted over 72% of the total number of addresses for the memecoin.
Source: IntoTheBlock
Interestingly, as previously highlighted by AMBCrypto, PEPE’s uptrend was likely to stall. As per our last analysis, things may actually turn bearish over the next few days.
An assessment of Santiment’s data revealed that the memecoin’s weighted sentiment dropped into the negative zone. This indicated an increase in bearish sentiment around the token. Moreover, its social volume also fell, reflecting a drop in the memecoin’s popularity.
Source: Santiment
In light of these findings, an interesting development was recently shared by Lookonchain in a tweet.
As per the tweet, a PEPE holder dumped its holdings and bought another crypto. The investor bought 81.55 billion PEPE ($800k) from 18 April to 15 May and generated $120k in unrealized gains. Later, the same investor exchanged 59.56 billion PEPE, worth $574k, for 754,943 SPX – Worth $684k.
This may be a sign of selling pressure rising. Hence, AMBCrypto checked the memecoin’s on-chain data to find out whether that is actually the case.
As per our analysis, the supply of PEPE on exchanges rose, while its supply outside of exchanges dropped – A sign of a rise in selling pressure.
The fact that investors were selling was also proven by the spike in the memecoin’s exchange inflows. Additionally, there was also a drop in the supply held by top addresses.
Source: Santiment
Charting PEPE’s path ahead
Since the aforementioned metrics hinted at a price correction, AMBCrypto finally assessed the memecoin’s daily chart to find its possible support zones.
We found that in case of a price correction, the memecoin might drop to $0.0000085.
Realistic or not, here’s PEPE’s market cap in BTC’s terms
A further decline could push PEPE down to $0.0000066. However, if the bullish trend continues, then the memecoin might approach its resistance at $0.0000114 in the coming days.
Source: TradingView
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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