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Meme coin PEPE navigated a turbulent week, experiencing a 14% worth drop however discovering solace in rising bullish sentiment and technical indicators pointing in the direction of a possible rebound.

Investor Woes, But Whale Appetite Grows

NewsBTC’s evaluation, utilizing knowledge from IntoTheBlock, revealed over 70% of Pepe traders currently sitting on losses, suggesting a difficult week. However, whales noticed alternative within the dip, with Santiment knowledge exhibiting a pointy improve in Pepe holdings by high addresses.

Source: IntoTheBlock

Bullish Buzz Despite Price Slump

Sentiment round Pepe took an attention-grabbing flip, defying the worth decline. The meme coin’s Weighted Sentiment, tracked since February 1st, witnessed an increase, indicating rising optimism throughout the group. This optimistic buzz was additional fueled by constant social media engagement, mirrored in excessive Pepe Volume all through the week.

PEPEUSD at the moment buying and selling at $0.00000089589 on the each day chart: TradingView.com

Exchange Activity Signals Caution

While whales collected, broader market promoting sentiment weighed on Pepe. NewsBTC observed a drop in Exchange Outflow, suggesting traders shifting their holdings off exchanges for potential promoting. Additionally, a drastic improve in Supply on Exchanges coupled with a lower in Supply exterior of Exchanges painted an image of potential promoting strain within the close to future.

Source: Santiment

Technicals Hint At Reversal

Despite the latest worth struggles, Pepe’s each day chart supplied some optimistic indicators. The MACD indicator hinted at a possible bullish crossover, suggesting a shift in momentum. The Relative Strength Index (RSI) neared the oversold zone, probably triggering shopping for strain if it enters that territory. The Chaikin Money Flow (CMF) additionally displayed an uptick, additional reinforcing the potential of a worth improve.

Bears are at the moment trying to push the worth under a vital help degree of $0.0000009. If this degree breaks, important losses may happen, probably dragging the worth all the way down to lows of $0.0000006 seen in September/October 2023, representing a decline of over 30% from present ranges.

Source: DEXTools

Community Strength Endures

Despite the market fluctuations, Pepe boasts a robust group presence, with over 154,000 individual holders and energetic communities on platforms like X (previously Twitter) and Telegram, exceeding 500,000 followers and 60,000 members respectively.

The outlook for Pepe stays cautiously optimistic. While latest worth drops and promoting strain increase considerations, bullish sentiment, technical indicators, and a robust group counsel potential for a reversal.

However, traders ought to rigorously contemplate each optimistic and adverse components earlier than making any funding choices, acknowledging the inherent volatility related to meme cash.

Featured picture from Adobe Stock, chart from TradingView

Disclaimer: The article is offered for instructional functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You are suggested to conduct your personal analysis earlier than making any funding choices. Use info offered on this web site solely at your personal threat.