PEPE coin weighted sentiment turns negative, social heat decreases, market trend is about to change?
PEPE coin price has risen sharply in the past 24 hours, which has attracted a lot of attention in the community. But then again, this momentum may not last long, especially with some bearish news in recent hours. This makes people wonder if PEPE is going to start price adjustment again?
The market value has exceeded 4 billion US dollars. In this way, 219,000 PEPE addresses have made money, accounting for more than 70% of the total number of memecoin addresses.
However, AMBCrypto reported that PEPE's upward momentum may stop. Their latest analysis shows that it may turn bearish in the next few days.
According to Santiment's data, PEPE's weighted sentiment has dropped to the negative zone, which shows that people's bearish sentiment towards it has increased. Moreover, its social volume has also decreased, indicating that the popularity of this meme coin is declining.
There is also an interesting thing, saying that a PEPE holder sold his shares and bought another cryptocurrency. This investor bought a lot of PEPE before, made some money, and then exchanged most of the PEPE for SPX.
This may be a sign of increasing selling pressure. After checking the on-chain data of PEPE, it was found that the supply of PEPE in the exchange increased, and the supply outside decreased, which shows that the selling pressure is indeed increasing.
The fact that investors are selling can also be seen from the surge in the inflow of Memecoin exchanges. Moreover, the supply of top addresses holding a large amount of PEPE has also decreased.
Speaking of the future of PEPE, considering that these indicators are suggesting that the price may adjust, I looked at the daily chart of Memecoin to find its possible support point.
If the price adjusts, PEPE may fall to $0.000085. If it falls more sharply, it may have to fall to $0.0000066. Of course, if the bullish trend continues, PEPE may also rise to the resistance level of $0.0000114.
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