[PEPE’s failure to break $0.000011 resistance could trigger a 22% drop]
This analysis explores what PEPE holders should be aware of in October, especially as market activity subsides.
$0.000011 has been a significant resistance level for PEPE since June, with multiple attempts to break through failing each time. PEPE was up 36% over the past week, approaching this resistance, but came under heavy selling pressure on Sunday, with the price falling back to $0.000010, down 2% in the past 24 hours.
Recent activity by large traders holding over 0.1% of the circulating supply suggests they are gradually selling off PEPE. Net flows to large traders fell 171% over the past week, a bearish signal indicating increased selling pressure. The balance of power (BoP) shows dominance by bears, with a BoP of -0.54 indicating selling pressure is stronger than buying pressure.
If the selling pressure continues, PEPE price could drop by 22% to $0.000008, or even drop by another 32%. On the other hand, if buying returns pick up, PEPE is expected to challenge $0.000011 again, with a breakout that could lead to $0.000014.
