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Reading: Pepe Coin Price: Will It Bounce Back from Recent Drop?
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Kriptoteka > Market > Meme > Pepe Coin Price: Will It Bounce Back from Recent Drop?
Meme

Pepe Coin Price: Will It Bounce Back from Recent Drop?

marcel.mihalic@gmail.com
Last updated: October 23, 2024 11:10 pm
By marcel.mihalic@gmail.com 4 Min Read
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The Frog-themed Pepe coin (PEPE) has experienced a decline of 6.50% over the past week. This drop may be attributed to a significant supply wall that has exceeded the underlying support.

As a result of this resistance, the current trading price of PEPE is $0.0000098. In this on-chain analysis, BeInCrypto discusses how this situation could lead to a prolonged downturn for the meme coin.

Pepe Confronts Significant Supply Wall

According to the In/Out of Money Around Price (IOMAP) data, roughly 5,300 Pepe addresses possess 23.84 trillion tokens, which they acquired at around $0.0000010. At this accumulation price, these tokens have a value of nearly $240 million. It is also crucial to highlight that this group is presently holding the meme coin at a loss.

The IOMAP generally categorizes addresses into those that are in profit, at breakeven, or out of the money. A concentration of addresses out of the money at a particular price point creates resistance at that level.

Conversely, when there is a higher volume of addresses in the money, it indicates a support zone. In the case of Pepe, the volume at $0.000010 significantly surpasses that at $0.0000090, suggesting difficulty for the token to overcome the $0.000010 resistance.

Read more: How to Purchase Pepe (PEPE) Using a Credit Card: A Step-by-Step Guide

PEPE coin price faces resistance
Pepe In/Out of Money Around Price. Source: IntoTheBlock

Another aspect indicating a potential price drop is the decline in Network Growth. This metric tracks the number of new addresses engaging with a cryptocurrency.

An increase in this metric signifies that more market participants are making their first successful transactions, while a decrease implies a reduction in network activity.

If this downward trend continues, it could mean diminished demand for PEPE, making it challenging for the price to rise.

PEPE Network Growth falls
Pepe Network Growth. Source: Santiment

PEPE Price Assessment: 28% Decrease Possible

An analysis of the daily PEPE/USD chart reveals that the Moving Average Convergence Divergence (MACD) has entered the negative territory.

The MACD is a momentum indicator used to assess the difference between two exponential moving averages (EMAs) of an asset’s price, often the 12-period EMA and the 26-period EMA. 

Traders typically use the crossover between the MACD and the signal line to gauge potential bullish or bearish momentum. A positive reading indicates bullish momentum, whereas a negative one suggests bearish momentum.

Read more: Pepe (PEPE) Price Forecast 2024/2025/2030

PEPE price analysis
Pepe Daily Price Analysis. Source: TradingView

Since it’s currently in a negative position, this could further depress the price of the Pepe coin. If this trend persists, PEPE’s price might fall by 28% to reach $0.0000070. However, should buying pressure increase and surpass the current $240 million resistance level, the price could rebound towards $0.000014.

Disclaimer

In compliance with the Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be viewed as financial or investment advice. BeInCrypto is dedicated to providing accurate, unbiased reporting; however, market conditions may change without notice. It is advisable to conduct your own research and consult with a professional before making any financial decisions. Additionally, please be aware that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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