PEPE’s 60% Price Surge Could Be Stopped by This Key Signal and Profit-taking
Pepe has seen a 10.87% price jump over the past week, currently trading at $0.0000080. However, a critical signal may halt its bullish momentum, raising concerns about a potential sell-off. Despite hopes for a rally to $0.000013, this on-chain data suggests a retracement is more likely.
On September 21, PEPE hit a monthly high of $0.0000083, but on-chain data shows a spike in profit-taking. Santiment revealed that 4.48 trillion PEPE tokens were sold for gains, worth over $35 million. This increase in realized profits often triggers selling pressure, which could hinder further price growth.
Additionally, PEPE’s holding time dropped 15% over the last week, signaling more short-term selling activity. If this trend continues, it could derail the meme coin’s upward trajectory.
Technically, PEPE had the potential to rally 63% to $0.000013. However, the Ichimoku Cloud and Balance of Power (BoP) indicators show resistance and selling strength, suggesting a pullback. If selling pressure persists, PEPE’s price could drop to $0.0000074.
On the flip side, if profit-taking slows, PEPE may bounce back, targeting $0.000010 before attempting another push to $0.000013. Stay tuned as this meme coin’s future hangs in the balance.
