PEPE cools off after updating an all-time high
This week, the price of the popular memcoin PEPE rose significantly, updating another all-time high.
However, such impressive growth usually leads to profit taking, which can trigger a significant correction.
Investors are selling $PEPE
The price of PEPE broke through the key resistance at $0.00001007, which allowed the meme to update an all-time high. However, it also prompted crypto-enthusiasts to sell.
According to data from analytics platform Santiment, realized gains for PEPE holders hit a two-month high. If the selling pressure intensifies, memcoin could be in for a serious drawdown.
In addition, more than 40% of the network's participants are currently in profit. This is the maximum figure for active PEPE addresses.
PEPE price forecast: a fall ahead
PEPE price is trading at $0.00001020 after forming a new ATH. A break of $0.00001007 support is likely to send the memcoin towards $0.00000900. If this level fails to hold, the coin will face a correction towards $0.00000750.
However, if PEPE owners decide to hold on to the coin in the hope of further growth, the asset will have a chance to recover. A rebound from $0.00001007 will allow the price to return to the peak values, refuting the bearish scenario.
