🔥🔥🔥 $PEPE Price at Risk as Whales🐳🐳🐳 Begin to Retreat
PEPE Investors Facing Stagnation
- Currently trading at $0.00000795, PEPE was anticipated to break out from its bullish descending wedge pattern. However, this breakout seems unlikely as investor sentiment remains cautious.
- Network participation has dropped significantly, with investors showing reluctance to engage in transactions. Active addresses have plummeted to a six-month low, as the lack of price recovery provides little incentive for investors to move their holdings.
- Adding to the concern is the behavior of large wallet holders, or whales, whose withdrawal from the network is eroding overall investor confidence. Their reduced participation, especially in high-value transactions worth $100,000 or more, suggests a lack of conviction in the current market conditions.
- In the past two weeks, the average daily transaction volume has dropped by 60%, falling from $83 million to $33 million. This sharp decline underscores the significant influence whale activity has on the broader market.
- If whales continue to remain inactive, PEPE's price will likely see limited growth.
PEPE Price Prediction: Possible Consolidation Ahead
- PEPE's price is currently holding just above the $0.00000775 support level and is attempting to bounce back. The descending wedge pattern suggests a potential 80% rally towards the all-time high of $0.00001725.
- However, given the current market dynamics, a breakout from this pattern seems improbable. As a result, PEPE may struggle to rise above $0.00001000 unless stronger bullish signals emerge.
- On the flip side, if investor sentiment improves, PEPE could flip $0.00001000 into a support level, paving the way for further gains and potentially invalidating the bearish outlook.
Source - beincrypto.com
