Searching For Hope: 70% Of PEPE Investors Hit Hard – What Now?
07 February 2024 - 3:00AM
NEWSBTC
Meme coin PEPE navigated a turbulent week, experiencing a 14% price
drop but finding solace in rising bullish sentiment and technical
indicators pointing towards a potential rebound. Related Reading:
Market Dip? Not For Dogecoin Wallets As Over 400,000 New Users
Drive Frenzy Upward Investor Woes, But Whale Appetite Grows
NewsBTC’s analysis, using data from IntoTheBlock, revealed over 70%
of Pepe investors currently sitting on losses, suggesting a
challenging week. However, whales saw opportunity in the dip, with
Santiment data showing a sharp increase in Pepe holdings by top
addresses. Source: IntoTheBlock Bullish Buzz Despite Price Slump
Sentiment around Pepe took an interesting turn, defying the price
decline. The meme coin’s Weighted Sentiment, tracked since February
1st, witnessed a rise, indicating growing optimism within the
community. This positive buzz was further fueled by consistent
social media engagement, reflected in high Pepe Volume throughout
the week. PEPEUSD currently trading at $0.00000089589 on the daily
chart: TradingView.com Exchange Activity Signals Caution While
whales accumulated, broader market selling sentiment weighed on
Pepe. NewsBTC observed a drop in Exchange Outflow, suggesting
investors moving their holdings off exchanges for potential
selling. Additionally, a drastic increase in Supply on Exchanges
coupled with a decrease in Supply outside of Exchanges painted a
picture of potential selling pressure in the near future. Source:
Santiment Technicals Hint At Reversal Despite the recent price
struggles, Pepe’s daily chart offered some positive signals. The
MACD indicator hinted at a potential bullish crossover, suggesting
a shift in momentum. The Relative Strength Index (RSI) neared the
oversold zone, potentially triggering buying pressure if it enters
that territory. The Chaikin Money Flow (CMF) also displayed an
uptick, further reinforcing the possibility of a price increase.
Related Reading: Crypto Winter In Spain? New Taxes Target Digital
Assets Bears are currently attempting to push the price below a
crucial support level of $0.0000009. If this level breaks,
significant losses could occur, potentially dragging the price down
to lows of $0.0000006 seen in September/October 2023, representing
a decline of over 30% from current levels. Source: DEXTools
Community Strength Endures Despite the market fluctuations, Pepe
boasts a strong community presence, with over 154,000 individual
holders and active communities on platforms like X (formerly
Twitter) and Telegram, exceeding 500,000 followers and 60,000
members respectively. Related Reading: Meme Coin Blues: Nearly 70%
Of Shiba Inu Investors Underwater As Price Flops The outlook for
Pepe remains cautiously optimistic. While recent price drops and
selling pressure raise concerns, bullish sentiment, technical
indicators, and a strong community suggest potential for a
reversal. However, investors should carefully consider both
positive and negative factors before making any investment
decisions, acknowledging the inherent volatility associated with
meme coins. Featured image from Adobe Stock, chart from TradingView
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