PEPE price declined sharply on Tuesday, going down by 5.3%, a day after hitting all-time highs of $0.0000283. The meme coin has gained 22% in the last week, and is up by 1,083% year-to-date. This has not only generated significant excitement around the coin, but has also triggered profit-taking amid a wider cryptocurrency market consolidation.
The recent crypto market rally saw Bitcoin and altcoins overshadow meme coins, as investors focused more on utility than hype. However, PEPE has been among the outliers, generating +126% in the last month, with its market capitalization more than doubling, from $5.09 billion to $10.6 billion during that period. That has seen it rise to become the twentieth largest cryptocurrency by market capitalization.
By rising to new all-time highs this week, PEPE price has generated substantial positive sentiment that could help propel its upside. The vast majority of PEPE holders, 71.98%, are smallholder retail investors whose holdings range between $0-$1,000.
However, whale activity has spiked in the last month, with the number of wallets holding $100k worth of the token rising from 2,120 to 3,850, as per CoinMarketCap data. Whales currently hold 45.2% of all PEPE in circulation. This signals growing investor confidence in the token’s upside ability.
PEPE price pivots at $0.0000260, and the sellers will be in control if resistance persists at that level. Otherwise, a break above that level will swing the momentum towards the upside.
Immediate support will likely be at $0.0000240. However, extended control by the sellers could break below that mark and head to the second support level at $0.0000226.
Resistance: If the price goes above the pivot level, the resulting momentum will likely take PEPE price higher to encounter the first resistance at $0.0000275. Moreover, a break above that level will invalidate the upside narrative. Also, such a momentum could potentially take the token higher and test $0.0000285.
This post was last modified on Dec 10, 2024, 12:50 GMT 12:50