Pepe has seen a 10.87% price increase over the past week, currently trading at $0.0000080. However, a key signal could halt its bullish momentum, raising concerns about a potential sell-off. Despite hopes of a rally to $0.000013, 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 activity. Santiment revealed that 4.48 trillion PEPE tokens were sold for profit, worth over $35 million. This surge in realized profits often triggers selling pressure, which can hinder further price growth.
Additionally, PEPEâs holding period has dropped 15% over the past week, signaling more short-term selling activity. If this trend continues, it could derail the meme coinâs upward trajectory.
Technically, PEPE has the potential to rise 63% to $0.000013. However, the Ichimoku Cloud and Balance of Power (BoP) indicators show resistance and selling strength, suggesting a pullback. If the selling pressure continues, PEPE could drop to $0.0000074.
On the other hand, if profit-taking slows down, PEPE could recover, targeting $0.000010 before attempting a push to $0.000013. Stay tuned because the future of this meme coin is at stake.
