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Will PEPE experience another 13% decrease in price?

  • Get ready for potential gains as PEPE holders consider selling at higher prices
  • Despite a negative outlook, brace for a revisit to a crucial support area

Excitement was in the air for Pepe [PEPE] enthusiasts as they anticipated a shift in momentum last week. However, the recent change in trend has kept everyone on their toes.

As Bitcoin [BTC] plummeted below $64.8k on June 21st, the pressure to sell PEPE increased alongside the broader market sentiment.

With the general atmosphere being pessimistic, traders are anticipating a retest of the critical support level for PEPE.

Can a bullish order block come to PEPE’s rescue?

Source: PEPE/USDT on TradingView

Prepare for a potential double-digit drop in PEPE’s price.

The speculation surrounding PEPE points to a possible dip towards the $0.0000093 support area (cyan box), which represents a crucial order block from mid-May.

Observing the RSI on the daily chart falling below the neutral 50 mark this month and the meme coin breaking below the $0.00001314 support on lower timeframes, a bearish trend is evident.

The OBV is barely holding onto a local support level, reflecting lower trading volume in recent weeks and indicating a lack of substantial support for the recent downtrend.

If there is a shift in market sentiment across the board, PEPE could experience a rapid recovery, influenced by both trading volume and the in/out of the money dynamics.

Will the selling pressure ease up?

Pepe In/Out of the Money

Source: IntoTheBlock

Recent data from IntoTheBlock reveals that 77.58% of PEPE holders are still in profit, despite the recent downward trend.

A significant portion of PEPE tokens were purchased at the $0.000002-$0.000003 range, where the coin originally surged in late February.


Dive deeper into Pepeโ€™s [PEPE] Price Prediction for 2024-25


Pepe Local In/Out of the Money

Source: IntoTheBlock

Currently, a higher percentage of PEPE tokens are unprofitable, indicating a potential spike in selling pressure as holders seek to break-even. This could result in a short-term decline in price.

However, there is hope for a continued upward trend after a reevaluation of the $0.0000093 bullish order block.

Next: Cardano: 74% of ADA addresses now hold losses โ€“ Will they sell?

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