Prediction for Pepe Price: PEPE Drops to 130th Place in Cryptocurrency Rankings

As of the writing of this article, the price of Pepe has fallen by over 16% in the last 7 days to 0.000001016 USD. This reflects the overall sentiment in the cryptocurrency market, which saw a 5% decline during the same period. Over the past 30 days, PEPE has lost 27.1% of its value. The meme coin is currently 76.5% below its historical high of 0.000004307 USD, reached in May 2023, leading many market observers to wonder if this once successful meme coin can rebound. The recent decline in PEPE has been so significant that the coin has dropped to the 130th position in the ranking of the largest cryptocurrencies by market capitalization on CoinMarketCap. Last May, the meme coin was at the 58th position, indicating a potential long-term decline for PEPE. However, the token may bounce back soon, as whales still see it as a means to achieve high returns.

Looking at the graph of meme coin PEPE below, it is evident that the coin has lost significant momentum in recent months. It is highly likely that these declines are not yet over, as confirmed by the Relative Strength Index (purple line), which has recently dropped below 40 and seems poised to continue falling to 30 or even lower.

To add to the unfavorable news, the 30-day average (yellow line) is slowly descending below its 200-day average (blue line), forming a death cross, often signaling significant future declines. The support level for PEPE (green line) has been declining since early December, reinforcing the bearish outlook.

Even the trading volume doesn’t look promising, hovering around a mere 50 million dollars at the time of writing, compared to previous months when it reached 1.5 billion dollars. This may indicate a lack of interest from traders and whales in PEPE.

A few days ago, a transaction of significant magnitude was observed for PEPE. On January 12, a whale sent approximately 2 trillion PEPE to the Binance exchange, suggesting an intention to sell the tokens soon.

“In the last 5 hours, a whale deposited trillions of PEPE (2.74 million USD) on Binance. The whale spent 920 stETH (1.55 million USD) and 253 WETH (480,000 USD) to purchase 2.01 trillion PEPE between May 5, 2023, and September 10, 2023. Selling now will yield a profit of 705 thousand dollars.”

Conclusion

There are few indications that any major player is accumulating coins. Therefore, it cannot be confidently stated that the price of Pepe will soon experience a turnaround, as all available indicators look negative. The overall market has also entered a mini bear market, with traders taking profits after the approval of 11 spot Bitcoin ETFs by the SEC. However, if the market shows bullish sentiment in the coming months, there is a possibility that PEPE could experience a rebound and reach 0.0000020 USD again by the summer.