Pepe Coin Price Prediction – Will Profit Taking Threaten the Recovery
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- The PEPE coin experienced a decline of over 20% amid capital reallocation.
- The supply pressure on centralized exchanges was lower than the highs seen in March.
The price of PEPE [PEPE] fell to double-digit losses like the rest of the memecoin segment as large investors (whales) shifted their funds to other opportunities.
An update from Spot On Chain’s recent analysis indicated that a whale partially sold off 130 billion (approximately $3 million) worth of its PEPE holdings over the past three days in order to invest in other altcoin positions.
This selling activity has pushed PEPE’s decline past 20%, compared to its all-time high (ATH) set at $0.00002957.
However, questions arise about how far this drop can extend before a significant rebound takes place../>
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Potential for PEPE coin rebound
Source: PEPE/USDT TradingView
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As we analyze the market now, it looks like there’s still some room for recovery despite a bearish market structure observed on the 12-hour chart with descending patterns identified. The Stochastic RSI is currently oversold; thus, momentum is rather weak but not entirely absent. The price may approach either the lower channel level or reach around the 50% Fibonacci retracement level which might still allow short sellers some opportunity for profit if desired.
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