Pepe price dropped 2% today to $0.000009361 as the crypto market fell 1% in the last 24 hours.
The move saw PEPE lose 4% in a week and 15% in a month, although the meme token still holds a 666% gain over the past year.
While PEPE has suffered losses over the past few weeks, trading volume for the stock has increased to over $1 billion in the past few days.
This suggests that demand will increase, which will help prices recover in the coming days.
Pepe price outlook: PEPE holds steady as trading volume reaches $1 billion – Are the whales accumulating?
The chart of PEPE indicates that the price will be affected in the next day or longer before recovering by the weekend.
The 30-period moving average (orange) has just fallen below the 200-period moving average (blue), after it seemed like it would rise above the long-term indicator.
The relative strength index of PEPE (purple) is also showing a similar trend, that is, dropping from 70 last night to below 40 today and may drop further before the situation improves.
However, one encouraging sign in all of this is that the trading volume of PEPE is $1.3 billion at the time of writing, indicating rising demand.
In recent days, some whales have actually sent PEPE to exchanges, possibly to take advantage of the rising prices.
However, the fact that the price of Pepe has not decreased shows that demand and volume are high enough to support some significant sell-offs.
And we should expect the price of Pepe to recover soon, as the market seems to be in a bullish phase before the elections.
There is a widespread expectation, at least among traders, that Trump will win the poll next Thursday, as yesterday's Reuters/Ipsos poll showed that Harris's lead over the former president has shrunk to just 1%.
This seems like bad news for Trump, but it's worth remembering that he defeated Hilary Clinton in 2016 despite her leading by 2% in the popular vote.
This is based on Trump winning in key swing states, something he may replicate next week.
If he does, the price of Pepe will skyrocket, along with the rest of the market. The value of this coin could reach $0.000015 within a few weeks after Trump wins, before ending the year at $0.000025.
