The PEPE meme coin has been experiencing volatility, with its price moving downward, leading to concerns and speculations among investors. The coin, known for its rapid price movements, seems to have hit a critical juncture. According to various crypto analysts, the current price behavior might be indicating a correction phase.
Pepe Price Analysis
More Crypto Online suggests that PEPE might have formed a top in wave (3) and is now in the unfolding wave (A) of (4). The current price region might see a low forming, with an ideal support level for the fourth wave typically at the 38.2% retracement, around $0.x127386. This analysis indicates that PEPE is in a crucial phase of its price cycle, which could impact its short-term movements.
Spot On Chain reported a transaction involving PEPE. A smart trader deposited 660.71 billion PEPE, worth $9.01 million, to Binance after a 14% price drop within 24 hours. This trader had earlier withdrawn the same amount from Binance and MEXC at an estimated cost of $4.57 million in early May.
Consequently, the trader realized a profit of $4.44 million, marking a 49.3% gain in less than a month. This large transaction highlights the profit-taking behavior among major holders, influencing the coin’s price dynamics.
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The Challenge of Wave 4
Davie Satoshi, a known crypto analyst, expressed his concerns about wave 4, typically characterized by a triangle pattern and a correction of about 23-30%. He noted, “Wave 4 tends to be the hardest wave to gauge and evaluate.”
This sentiment underscores the uncertainty during this phase, often misleading traders. He advises holding during wave 4 instead of attempting smart trades, as this wave can take on various forms. This might be the pattern we are observing until a major launch for wave 5, which could potentially push PEPE to $10 billion and higher.
Hence, PEPE meme coin is currently navigating a complex phase, with wave analysis indicating a potential low forming soon. Besides, transactions by smart traders are influencing its price, and the ongoing wave 4 presents challenges in predicting short-term movements.
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The post Here’s Why PEPE Meme Coin Price is Plunging appeared first on CaptainAltcoin.