Bittime – In recent days, PEPE, a popular meme coin, has faced increased selling pressure, resulting in a significant price correction. The coin's value plunged more than 6% in the last 24 hours, with market indicators and metrics suggesting that further declines may be imminent.
Traders Sell To Take Profit
On May 18, PEPE suffered a major setback as its price experienced a sharp decline. Metrics analysis reveals several potential reasons for this bearish trend.
Data from CoinMarketCap shows that the price of PEPE started experiencing a sharp decline recently, resulting in a daily decline of more than 6%. At the time of writing, PEPE is trading at $0.000009426 with a market capitalization exceeding $3.9 billion, ranking it as the 27th largest cryptocurrency.
PEPE Trader Makes Big Profits
AMBCrypto's review of IntoTheBlock data reveals that over 92% of PEPE investors are in the money. These large profit margins likely prompted many investors to sell their holdings, contributing to the price decline.
Selling Action Monitored Through PEPE Inflow to Exchange
Further analysis using Santiment data shows a spike in meme coin inflows to exchanges several times over the past week. In particular, as inflows to exchanges increased, PEPE supply on exchanges increased while off-exchange supply decreased on May 18, indicating a sell-off.
Inflow PEPE | Saintly
PEPE Holder Whales Also Sell Assets
Additionally, after the significant increase on May 14, the amount of PEPE held by large addresses decreased slightly, indicating that some large holders, or “whales,” also sold their shares, exacerbating the price decline.
Ongoing Challenges for PEPE
The outlook for PEPE remains challenging, with several metrics indicating continued bearish sentiment. PEPE's social volume has dropped sharply over the past week, reflecting the coin's decline in popularity. Simultaneously, weighted sentiment also declined, indicating that investors' expectations are tilted towards further price declines.
Check Today's Crypto Market:
PEPE Market Analysis
Market indicators are in line with this bearish view. PEPE's Relative Strength Index (RSI) has fallen to its current value of 58.7, while Chaikin Money Flow (CMF) has also declined, signaling a strong possibility of a continued bearish trend. Despite the recent price decline, PEPE value remains above the 20-day Exponential Moving Average (EMA). If the decline continues, the 20-day EMA may serve as a support level, potentially stabilizing the coin price.
PEPE to USDT | Analysist by AMBCrypto | TradingView
Conclusion: PEPE Will Still Go Down
Overall, PEPE's recent price correction appears to be driven by profit-taking among investors and increased selling pressure, reflected in various on-chain metrics and market indicators. Although the coin is currently holding above a key support level, the potential for further downside remains high.
How to Buy Pepe (PEPE) on Bittime
You can buy and sell Pepe (PEPE) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Pepe (PEPE) is available on Bittime with the market pair PEPE/USDT . To be able to buy PEPE IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After
Monitor price chart movements of Pepe (PEPE), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Pepe (PEPE): Will This Meme Coin Moonbag and Reach ATH
This is the Price Prediction for Pepe Coin (PEPE) After Soaring 145% in a Week
What is Pepe Community (PEPE)? Building Connections in the Cryptocurrency Industry
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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