Pepe Price Prediction as PEPE Drops 7% Suddenly – What’s Going On?
The Pepe price has fallen by 7% in the past 24 hours, with its drop to $0.00001036 coming as the cryptocurrency market as a whole gains by 5% today.
PEPE is clearly correcting after a strong couple of days, with the meme token still up by 30% in a week and by 100% in a month, not to mention by 500% in a year.
That it is still largely in the green indicates how today’s loss mostly relates to traders taking some profits after a rip-roaring start to the week, which followed from the return of meme-stock trader ‘Roaring Kitty’ to X.
And with PEPE remaining one of the most popular vehicles for whales, it’s likely to rebound soon enough.
PEPE’s chart shows that it has run out of a little steam relative to the previous few days, with its indicators signalling a loss of momentum.
Its relative strength index (purple) has declined from 85 on Monday to just under 50 today, and while it has shown tiny signs of improvement it may still struggle in the near term.
Likewise, PEPE’s 30-day average (orange) is now declining again after spending several days shooting well above the 200-day (blue), which is again a sign that recent buyers have begun taking profits.
What’s interesting, however, is that the coin’s trading volume remains elevated, at around $1.6 billion today.
This contrasts favorably with the levels (e.g. sub-$500 million) seen only a few days ago, indicating that interest remains in PEPE and that it could rebound soon enough.
A whale withdrew 520B $PEPE($5.28M) from #Binance 30 minutes ago.
It is worth noting that this whale is not smart.
He bought a total of 10 tokens and never sold them.
According to the current price, he lost a total of $6.1M, 5 tokens were profitable, and the win rate is 50%.… pic.twitter.com/fC4drHO7ZP
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