The post Will Whales Drive a PEPE Memecoin Rebound After 15% Drop? appeared on BitcoinEthereumNews.com.

Pepe [PEPE] has dropped significantly, losing over 15% of its value in the last week. Whales have begun accumulating more PEPE, indicating a potential trend shift. Recent analytics signal a declining investor sentiment, yet show signs of possible accumulation. Dive into the recent turbulence in PEPE’s market activity, uncovering potential recovery signs and forecasted shifts. PEPE’s Market Volatility and Performance Recently, PEPE has been on a volatile journey, experiencing significant fluctuations. After reaching an all-time high (ATH), the memecoin’s value took a downward turn, plummeting by over 15%. Data from CoinMarketCap highlights this decline, reflecting the broader market’s bearish trend. Investor Sentiment and Market Data Within the last 24 hours alone, PEPE’s value diminished by more than 4%, marking a notable downturn. Currently trading at $0.00001225 with a market capitalization exceeding $5.15 billion, the memecoin has seen a shift in investor sentiment. At one point, more than 95% of PEPE investors were in profit; now, only 85% remain profitable. This shift has negatively impacted the memecoin’s social metrics, with a noticeable dip in weighted sentiment. Potential Indicators of a Reversal On June 9th, an influential whale purchased 231.6 billion PEPE from Kraken, amounting to over $2.9 million. This significant buy hints at a potential market shift. Data from Santiment indicates an increase in PEPE’s exchange outflow, alongside a decrease in supply on exchanges, suggesting rising buying pressure. Additionally, the accumulation by top addresses underscores a bullish outlook from major investors. Technical Analysis and Future Predictions Technical indicators provide mixed signals. The Chaikin Money Flow (CMF) and Relative Strength Index (RSI) both show recent downticks, residing below neutral levels. The Moving Average Convergence Divergence (MACD) also reveals bearish tendencies, limiting immediate reversal prospects. However, analysis from Hyblock Capital indicates that if the bearish trend persists, PEPE could drop to $0.0000109. Conversely,…

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Filed under: News - @ June 9, 2024 10:04 pm