TLDR
- The market capital of PEPE coin took a dive from $8.7 billion down to $4 billion, cutting its worth in half.
- Big-time investors have relocated $20 million in PEPE out of exchanges into secure storage.
- Market indicators are hinting at a possible bullish turnaround from its present undervalued state.
- There is a noticeable interest from seasoned investors, with a recent net gain flow of $813,000 in trading activities.
- PEPE is currently on the path to overcoming a resistance point at $0.00000780, backed by favorable market signals.
This past month has been turbulent for PEPE coin, with the popular meme token witnessing its value shrink by 50%.
From a market high of $8.7 billion to $4 billion, the drop is stark. Just look at its peak of $11.12 billion, and the fall approaches 60%.
Due to these changes, some investors are playing it safe, while others see an opportunity to average out their investments.
A promising trend is the activities of large PEPE investors, who have been transitioning up to $20 million worth to cold storage.
This movement indicates confidence from significant stakeholders, who are opting to hold onto PEPE long-term rather than panic selling.
Currently, the PEPE coin is trading at about $0.00000789, maintaining a healthy trading volume of $905 million over 24 hours.
Over the last week, its price dipped by 8%, while the month has seen a 42% decrease overall.
Technical Analysis
Signs in the technical analysis give reasons to be optimistic; the RSI shows PEPE might be oversold, an often precursor for price recovery.
Adding to the positive signs, multiple structural shifts indicate PEPE is gradually reconquering crucial support levels.
Right now, PEPE is striving to push past a resistance barrier at $0.00000780. Achieving this could set sights on $0.00000850 for the medium term.
There has been an 8.47% rise in open interest in PEPE, suggesting traders are increasingly optimistic.
A rise in the funding rate over the last two days indicates a reviving interest in taking more risks.
A current long/short ratio of 1.41 shows a higher number of buys compared to sells, leading to price increase pressure.
Astute investors, deemed 'Smart Money,' seem intrigued by PEPE, with $1.14 million spent on it compared to $323,000 sold, revealing a net gain of $813,000.
These strategic buyers entered the market at an average of $0.0000071 and are already seeing gains as prices rise.
If PEPE If PEPE manages to surpass the $0.00000840 mark, it could potentially trigger further price surges, eyeing $0.00000900 and $0.00000950.
Analysts are predicting scenarios where PEPE could climb back up to its previous heights seen in December, possibly a 285% return.
Nevertheless, dangers still lurk; a dip below $0.00000740 could lead to a downward spiral towards $0.00000680 or even lower.
The bigger cryptocurrency landscape hasn't been stable, impacting all coins, including PEPE.
Despite these challenges, PEPE’s The ever-growing PEPE community has crossed the threshold of 400,000 members.
Engagement is alive on social media, with February highlighting ongoing efforts to keep the community buzzing with interactions and memes.
Influencers like Elon Musk have indirectly shifted enthusiasm surrounding frog-themed tokens, sparking speculative interest in PEPE's recovery.
Currently, PEPE sits at a crossroads, facing significant resistance even as recovery signs appear.
Long-term holders are observing bigger global financial indicators that could sway the crypto market, such as geopolitical unrest and traditional market volatilities.
Should the broader cryptocurrency space regain upwards traction, PEPE might pick up pace, as meme-based coins often rebound when sentiment shifts.
