Pepe Coin Price Prediction as $500 Million Trading Volume Comes In – On-Chain Data Shows Whales are Accumulating
The Pepe Coin price has fallen by 24% in the past 24 hours, with its drop to $0.00000123 coming amid a 3% fall for the cryptocurrency market as a whole.
PEPE's current price means it has dropped by 36% in the last seven days, although it remains up by a very impressive 330% in the last 30.
Its 24-hour trading volume has also seen a recovery towards $600 million after dipping earlier in the week, raising the possibility of further price rises to come.
Likewise, whales continue to buy and hold PEPE, suggesting that it isn't far away from another rally.
Things don't look too hot for PEPE at the moment, even with its gain in the past hour, with its indicators in distinctly oversold positions.
The meme token's relative strength index (purple) has fallen below 30, although its rising back towards 40 may suggest that it's about to mount a recovery.
At the same time, its short-term moving average (yellow) continues to drop below its long-term average (blue), and it's possible that it continues to fall for a little while before the coin sees a real recovery.
This view is supported by the fact that PEPE's support level (green) has continued to slide over the past few days, something which suggests a dangerous loss of momentum.
It's worth pointing out that the market as a whole has had a rough 24 hours, with its total cap slipping by around 3%, led by a 4% fall for BTC.
It's arguable that the situation isn't as bad for PEPE, given that whales appear to still be accumulating the new meme token, with some taking advantage of its recent falls.
Whale accumulation tends to suggest that a coin will recover sooner or later, with large traders buying at a discount based on the expectation that they're in line to make a significant profit.
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