Pepe Coin Faces Tough Weekend But Sees Some Positive Indicators
Pepe coin endured a tough weekend,hitting its lowest price as May 9. The coin tumbled to $0.00001096, a 32% drop from its year’s high. This decline occured amid an intensified crypto sell-off.
Though, there’s a silver lining. The supply of Pepe coins on exchanges has dropped to 105.33 trillion, the lowest since 2022. This suggests holders are less inclined to sell.
According to Nansen data, Pepe coin whales, or large coin holders, have increased thier holdings by 2.74% this month. Their current holdings stand at 9.71 trillion coins.
Smart money accounts, known for their accomplished track record, have also been accumulating Pepe. Their holdings have surged by 145% this month, reaching 625 billion coins.
A positive sign is the rising funding rate as may 8.A positive funding rate implies that investors expect a higher future price than the current spot rate.
From a technical analysis perspective, Pepe’s price peaked at $0.00001625 in May before declining to $0.00001095. It breached the lower boundary of a bullish flag pattern. With the Relative Strength index (RSI) and MACD pointing downwards, further declines are anticipated.
Pepe might fall to the 78.6% retracement level at $0.00001057 before bouncing back towards the 50% mark at $0.000017.
