Pepe Coin Faces Market Pressure Amidst Crypto Sell-Off
Pepe coin (PEPE) has seen a significant price drop this week. The second-largest meme coin on Ethereum (ETH) fell to $0.00001043, a 36% decrease from its May peak. this decline mirrors the broader crypto market sell-off, affecting Bitcoin (BTC) and other meme coins.
Several factors contributed to Pepe’s downturn.Whales, or large investors, have been selling off their holdings. Their supply has dropped to 137.4 trillion, the lowest since November. This suggests they anticipate further price drops.
On-chain data reveals a negative Network Realized Profit/Loss metric, indicating some sellers are taking losses. Active addresses have also decreased to under 3,000.
Though, there’s a silver lining. Pepe’s MVRV ratio, a measure of market value versus acquisition cost, has fallen to -0.192. This negative ratio often signals a good buying chance.
Technically, Pepe’s price has moved above the 23.6% Fibonacci Retracement level.it’s forming a cup-and-handle pattern, with the upper side at $0.00001622 and the lower side at $0.0000052. If this pattern holds,Pepe could retest its all-time high of $0.00002712, a 135% increase from today’s price.
For now, Pepe’s price is consolidating near the 50-day and 200-day moving averages. A rise above $0.00001622 would confirm the bullish outlook.
