PEPE Price All-Time High: Is a Correction Now Looming?
Pepe investors have been enjoying the recent bull run as the PEPE price ended up charting a new all-time high (ATH) for nearly a week.
However, the next ATH may not turn out to be a similar event as the probability of major selling and price correction is rather high.
PEPE Investors Primed to Sell
PEPE price is presently trading at $0.00000919, which has been rising by more than 10% in the past 24 hours. The meme coin has had an impressive rally this past bull run, rising by more than 585% in two weeks. The frog meme-inspired token posted its all-time high of $0.00000991 about a week ago and has moved sideways since.
During these price developments, the PEPE holders’ dynamic changed considerably, with most of the supply moving into the hands of short-term traders. Their domination over the circulating supply increased from 8.2% to 22.4%.
This is a concern because these investors tend to hold their assets for a period of less than a month. And since the PEPE price is close to breaching $0.00001000, a major psychological level, selling is a highly possible move.
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Furthermore, most of the supply is concentrated amongst fishes, i.e., small quantity crypto asset owners. Generally, these investors do not influence the price, but their domination has grown over the past two weeks. Addresses between $100 to $100,000 worth of PEPE currently hold about 68% of all circulating supply.
Whale addresses, however, are rather dormant at the moment. Neither have they been acutely accumulating, nor are they selling.
Combining these inferences shows that prices might swing considerably if smaller short-term investors opt to sell for profit. The bullish momentum is already fading, and a new all-time high might be the peak for PEPE.
PEPE Price Prediction: What’s Next After All-Time High?
If Pepe price manages to tag $0.00001000 and profit booking takes precedence, the likely outcome is a price decline. Corrections could bring the meme coin down to $0.00000633, falling through the 50-day Exponential Moving Average.
If this support level is also invalidated, the meme coin could tag the lows of $0.00000500, wiping out most of the gains noted recently.
Read More: How To Buy Pepe (PEPE) and Everything You Need To Know
On the other hand, if the selling is minimal post-breach of $0.00001000 and the frog meme token flips the same into a support floor, the bearish thesis would be invalidated. PEPE could rise further and chart further profits for its investors.
The post Here’s Why PEPE Holders Shouldn’t Celebrate the Recent All-Time High Price Just Yet appeared first on BeInCrypto.