- PEPE has dropped by 7% in the past 24 hours and could face huge selling pressure if it rises towards $0.000024
- Over 21 trillion PEPE was bought between $0.000021 and $0.000024, creating a massive supply zone that could trigger a price collapse
- While PEPE has dropped in line with the broader market, whales have been accumulating the token, suggesting expectations of further gains
PEPE token holders are being cautioned about a potential significant supply zone that may lead to a price drop. The PEPE coin has seen a 7% decrease in the last day, and further selling pressure could be triggered if the coin’s value rises towards $0.000024.
Declining PEPE Performance
Over the past day, the PEPE token has seen a 7% drop, with the crypto market as a whole experiencing a 4% decline. Despite this, over a two-week period, the coin has managed to remain 4% up and has seen an impressive 1600% rise over the past year. However, recent data suggests that the PEPE token has been facing selling pressure whenever it has experienced considerable growth in recent days.
Warning for PEPE Holders: Impending Price Collapse
IntoTheBlock data reveals that approximately 140 trillion PEPE is currently in profit compared to 55 trillion PEPE out of profit. This suggests that PEPE has been facing potential selling pressure for a while, particularly since it crossed the $0.000020 threshold. This is something that PEPE holders should be aware of as they may face further risk as the coin moves towards $0.000024.
Whales Accumulating PEPE
Despite the potential for price collapse, PEPE continues to show positive volatility. Whales, or large-scale crypto investors, have been recently accumulating the PEPE token in substantial quantities. This indicates an expectation of further gains and the potential for PEPE to be one of the big winners in the market’s cyclical end-of-year bonanza.
PEPE’s Near Future Outlook
PEPE’s recent chart shows that it has hit a bottom after a run of recent losses. However, its relative strength index has started to rise again, and its 30-period moving average has reached a very low level in relation to the longer-term 200-period average. This suggests that PEPE should rebound very soon and could test the $0.000024 resistance level in the next week or so.
Conclusion
While the immediate future of PEPE is uncertain, with potential price collapse on the horizon, its volatility and the recent interest from whales suggest that there could still be opportunities for profit. However, it could be worth considering alternative altcoins as well. As with all investments in the crypto market, potential investors should proceed with caution and carry out thorough research before making any decisions.
