- The value of PEPE has fallen by more than 15% in the past seven days.
- Whales began to gather more, indicating a trend reversal.
Pepe [PEPE] has witnessed a lot of volatility in both directions lately, and the past week has been bearish. This was the case after reaching an ATH; the memecoin’s price turned bearish and fell by double digits.
However, a recent development suggested that the trend could be changing.
PEPE’s rollercoaster ride
The memecoin made headlines a few weeks ago when its price hit an all-time high. However, the trend changed later. According to CoinMarketCapthe PEPE price has fallen by more than 155 in the last seven days.
In the last 24 hours alone, the value of the memecoin has fallen by more than 4%.
At the time of writing, the memecoin was trading at $0.00001225 with a market cap of over $5.15 billion.
It was interesting to know that at one point more than 95% of all PEPE investors made a profit. But the recent price drops changed the plot.
AMBCrypto’s look at IntoTheBlock’s facts revealed that only 85% of investors were making a profit at the time of writing. This bearish price action had a negative effect on the memecoin’s social metrics.
For example, the weighted sentiment went into the negative zone, meaning that bearish sentiment around the memecoin was dominant. ISocial volume remained high, reflecting its popularity in the crypto space.
Source: Santiment
Is a trend reversal lurking?
Meanwhile, on June 9, a whale bought 231.6 billion PEPE, worth over $2.9 million, from Kraken, a Lookonchain tweet revealed.
AMBCrypto then analyzed Santiment’s data. We found that PEPE grant outflows peaked last week. The supply on the exchanges decreased, while the supply outside the exchanges increased.
This clearly indicated an increase in purchasing pressure. Moreover, the supply of the memecoin in the hands of top addresses also increased, meaning that whales were collecting the memecoin in the hope of a price increase.
Source: Santiment
We then looked at PEPE’s daily chart to see if it was preparing for a rally. We have observed that the Chaikin Money Flow (CMF) has shown a downward trend in the recent past.
The Relative Strength Index (RSI) also registered a downward trend and was placed below the neutral line at the time of writing. Moreover, the MACD showed a bearish advantage in the market, minimizing the chances of a trend reversal.
Source: TradingView
Read Pepe’s [PEPE] Price prediction 2024-25
AMBCrypto’s analysis of Hyblock Capital’s data revealed that if the memecoin remains bearish, investors could see PEPE fall to $0.0000109.
However, if a trend reversal occurs, the memecoin could soon reach $0.0000156.
Source: Hyblock Capital