Is PEPE Set for a Rebound After A 22% Decline?

• PEPE faces critical support at $0.0000188 amid bearish pressure.
• Buying pressure rises, but whales’ sell-off signals mixed market sentiment.

PEPE, a prominent memecoin, has witnessed significant market turbulence recently. Trading at $0.00001793 at press time, the token has recorded a 0.18% dip in the past 24 hours. Its trading volume also decreased by 12% during the same period. Over the last week, PEPE has dropped by 22%, marking a 37-day low of $0.00001441 just three days ago. The token remains 36% below its all-time high (ATH) of $0.00001837, achieved two weeks prior.

Memecoins, known for their reliance on market hype, tend to suffer significant losses during corrections but rally strongly under favorable conditions. This raises the question of if PEPE is on the cusp of a bull run.

Meanwhile, Santiment’s data reveals a rise in buying pressure for PEPE, supported by an increase in its supply outside exchanges and a corresponding decrease on exchanges. Such trends often signal investor confidence, potentially paving the way for price appreciation. However, whale activity suggests a contrasting narrative; a decline in the token’s supply held by top addresses indicates heightened selling pressure.

Further analysis shows PEPE’s Relative Strength Index (RSI) at 33.3, nearing the oversold threshold of 30. While this suggests increasing bearish sentiment, it also signals a possible rebound if buying interest picks up at lower levels. On the downside, PEPE’s 7-day Market Value to Realized Value (MVRV) ratio, currently at -9.3%, indicates short-term holders facing losses. Historical trends suggest a potential further decline to -12% or -15% before recovery.

Key Levels and Outlook On PEPE

PEPE’s immediate support lies at $0.0000188. A breach could trigger a further drop to $0.000011, marking a 47% correction. Conversely, a recovery above the $0.0000227 resistance level could catalyze gains, with targets at $0.0000259 and $0.000028.

While technical indicators reflect a mixed outlook, market conditions and investor sentiment will play a crucial role in determining PEPE’s next move.

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