The Future of PEPE
PEPE appeared to continue in a downtrend. The Relative Strength Index (RSI) continued to trade in the 30-40 range, which was interpreted as strong selling pressure.
A movement above 40 could support a bullish outlook, as the 40-50 range is generally seen as a good support level during bull markets. The On-Balance Volume (OBV) moved similarly to the price direction.
Latest Situation Among Whales
Despite recent price drops in PEPE, whales continued to accumulate the meme coin at lower price levels. Analyses and findings using Santiment data showed a noticeable increase in the number of wallets holding between 1,000 and 1 million coins.
On the other hand, the number of positive comments about the cryptocurrency was higher than negative ones, paving the way for a positive Weighted Sentiment to emerge.
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