PEPE price appears to be approaching a breakout despite a 2% drop in the last 24 hours. Looking at the charts, it seems that investors are optimistic about the future of this meme coin.
PEPE Investors See Profits
It is believed that PEPE could break out of the descending bullish wedge formation it has been moving within since mid-May. One of the biggest driving factors reflecting this possibility is not the increased participation in PEPE, but the decreased participation from a specific group of investors, short-term holders.
The dominance of short-term investors, defined as the group holding PEPE for less than 30 days, has dropped to only 8%. This is perhaps the lowest level seen so far and indicates significant changes in sentiment towards PEPE.
While the decline in the dominance of short-term investors continues to be notable, it is known that this group tends to dispose of the coins they hold. With the decrease in the number of short-term investors in the market, the selling pressure on PEPE also appears to have decreased, which may reflect a positive outlook for the altcoin.
The reduced impact of short-term holders on PEPE indicates that more investors are continuing to hold their PEPE for longer periods, which could create a more stable price environment.
In addition to the optimistic outlook, the Chaikin Money Flow (CMF) indicator for PEPE continues to show increasing inflows. This indicator shows a significant amount of capital entering the market, which could also help the altcoin recover.
Considering all these factors, the potential for a recovery in PEPE is becoming increasingly likely with the decrease in the weight of short-term investors and strong inflows.
How Much Will PEPE Coin Be Worth?
While all these positive data indicate growth for the PEPE price, the possibility of a decline cannot be denied. The bullish outlook suggests that PEPE could see a 79% increase and reach an all-time high.
Before reaching its ATH, PEPE will need to turn the $0.00001146 region into support. This situation is currently seen as an obstacle to a price rally for PEPE.
On the other hand, the meme coin, which finds buyers at $0.000008386, continues to trade above the $0.00000775 supports. Depending on the break of this support level, PEPE could drop to $0.00000600 or lower.
