Despite a significant drop in prices, major PEPE holders still avoid selling

🔥🔥Dot avatar live, no missed opportunities in the bull market

The price of Pepe (PEPE) has plummeted by 12% in the past 24 hours to $0.00001823, interrupting its upward trend since mid-December. This price drop caused PEPE to lose the critical support level of $0.00002062, with clear bearish signals in the market.

Despite facing severe challenges, PEPE's short-term holders (STH) have shown remarkable resilience, choosing not to rush to sell but instead opting to become mid-term holders (MTH).

In the past two weeks, the concentration of STH has significantly decreased by 27% to 19%, reflecting investors' confidence in PEPE's long-term prospects. They believe that PEPE has recovery potential and choose to hold rather than exit, which is crucial for maintaining price stability.

However, the technical outlook is not optimistic. The Moving Average Convergence Divergence (MACD) indicator is close to a bearish crossover, indicating that recent bullish momentum may come to an end. This change is consistent with broader market conditions, significantly impacting meme coins like PEPE.

If bearish signals persist, PEPE may further test support levels of $0.00001785 and $0.00001696, which will undoubtedly increase the decline and delay the recovery process.

However, it is worth noting that despite the setbacks, the optimism among PEPE investors has not dissipated. They believe that a shift in broader market sentiment towards bullishness will provide a rebound impetus for PEPE.

If PEPE can successfully reclaim the support level of $0.00002062, it would invalidate the bearish outlook and lay the foundation for meme coins to recover lost ground.

Additionally, the maturity of PEPE holders provides strong support for price stability. Their growing confidence in the token's recovery potential helps alleviate panic selling during bear markets. The support of a large number of loyal investors is a crucial force for PEPE to weather the storm.

In summary, despite the significant recent price drop of Pepe, investor confidence remains intact. They believe that PEPE has recovery potential, and a shift in broader market sentiment towards bullishness will provide momentum for a rebound. In the future, whether PEPE can successfully reclaim lost ground remains to be seen.

Dot avatar live, no missed opportunities in the bull market