PEPE News: Pepe Coin (PEPE) Faces Bearish Pressure Amid Price Declines
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Pepe Coin (PEPE) has recently experienced notable price decreases, with technical indicators showing mixed signals for its near-term recovery.
Pepe Coin (PEPE) Price Prediction For February 4
Pepe Coin (PEPE) has experienced significant declines recently, trading around $0.00001030. It has dropped approximately 10% in the last 24 hours, 24% over the past week, and 53% in the last month. Technical analysis shows a Relative Strength Index (RSI) of 32.42, nearing the oversold territory, which might indicate a potential for recovery. However, the MACD continues to show a sell signal, suggesting bearish pressure in the short term. The Average Directional Index (ADX) at 23.58 indicates a weak trend strength.
PEPE: Here’s why traders are betting on THIS support
On-chain metrics revealed that exchanges have witnessed an outflow of over $14 million worth of PEPE. Intraday traders are over-leveraged at the $0.00000996 level, holding $1.90 million worth of long positions. After a sharp price decline in recent days, PEPE has reached a crucial support area and appears to be shifting market sentiment. This key area is attracting significant attention from traders and investors. Data from the on-chain analytics firm Coinglass revealed exchanges witnessed an outflow of over $14 million worth of PEPE memecoins. This substantial outflow at this crucial level indicates potential accumulation and could create buying pressure, leading to further upside rallies.
Nascent Sells Remaining PEPE Holdings, Misses Optimal Selling Window
On-chain analytics platform Lookonchain reported that venture capital firm Nascent recently sold the last of their PEPE holdings. The firm liquidated round 175 billion PEPE, worth approximately $1.5 million. However, its selling strategy did not maximize potential profits, missing the optimal selling window and only making a profit of $348,000. This sell-off, along with other whale selling pressures, has contributed to PEPE's recent price decline.
