Key Insights
- PEPE price surged over 4.56% and poised for a rally toward $0.00001300.
- Whale activity remains weak but PEPE shows clear signs of demand build-up.
Pepe coin, the popular memecoin in the cryptocurrency market, has been trading in a narrow range for the past two weeks. However, signs of accumulation was witnessed and the meemcoin seemed poised for a rebound.
At press time, PEPE price was trading at $0.000009951, noting a rise over 4.56% in the past 24 hours. Its market cap stood at $4.18 Billion, ranked 30th in the overall crypto market.
PEPE Sees Sluggish Demand: Can Bulls Regain Control?
PEPE’ coin sluggish demand appears to stem from the lack of participation by whale investors. PEPE large holder net flows experienced diminished activity during the last two weeks compared to December and January.
PEPE will start restoring its value once bulls generate sufficient market momentum. Despite current expectation, the price remains vulnerable to unexpected market drops if potential demand does not materialize. The reduced presence of whales indicates market participants have lost confidence in recent times.
Analyzing on-chain data reveals evidence of accumulation even though prices remain under pressure.
The market sentiment becomes clearer through analysis of different categories of PEPE holders within the market.
Cruiser (swing traders) holdings expanded from 136.66 trillion PEPE on December 10 to 299.32 trillion PEPE between December 10 to February 19.
Trader balance experienced a severe decline from 208.5 trillion PEPE to 55.92 trillion PEPE. The total PEPE funds held by HODLers fell from 74.45 trillion PEPE to 62.31 trillion PEPE during the same period.
During the price decline, the cruisers demonstrated strong accumulation according to the data from balance by time held. Such adjustments in ownership normally mark upcoming price fluctuations.
The maximum decline in HODLer balances during November highlighted profit taking behaviour during the previous major price increase.
Moreover, the new addresses have lost their interest and a decline over 12.80% was noted in the past seven days.
But, the daily active addresses have surged over 47.42% during the same period which exhibits a consistent engagement within the network.
PEPE Price Prediction: Is a Range Breakout on the Horizon?
On the daily timeframe, PEPE coin price has been caged inside a narrow range territory and failed to exhibit a convincing breakout move.
Throughout the month, PEPE price failed to cross the 50 day EMA mark and trades below the key EMAs guiding the bearish movement.
The Relative Strength Index (RSI) line had a reading of 40 bounced off from the oversold trajectory, conveyed the possibility of an upward movement ahead.
Going forward, the Open Interest (OI) has risen by over 10.02% to $280.39 Million, witnessing a fresh long build-up in the past 24 hours.
Furthermore, an outflow of over $20 Million in the past three sessions has been witnessed. An increase in exchange outflow eases the short-term selling pressure on PEPE, which could support a price recovery.
The immediate support zones were $0.000009900 and $0.000009780, whereas the resistance zones were $0.00001100 and $0.00001290.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.