Volatility is increasing again for Bitcoin and altcoins, and the king of cryptocurrency has also lost its support at $28,300. The price, which dropped to $28,021 at the time of writing this article, suggests that the shallow volatility period is about to be disrupted by a downward break. So what can PEPE Coin investors expect?
Pepe Coin Review
Despite the negativity in the sector, the PEPE price experienced a 4% increase in the early hours of Thursday, August 17th. On-chain data examines how the PEPE price may react if long-term investors continue to make profits.
PEPE had a rare green turnaround this week and gained a 4% price increase on Thursday. However, this did not last long as the downward trend in BTC price continued, which could accelerate the downward trend in PEPE Coin as well. The Average Coin Age of PEPE has been declining since the end of July. As shown below, it has fallen from 56.71 on July 29th to 40.27, a 29% decrease, as of the August 16th closing.
Average Coin Age predicts the average number of days circulating coins spend in current wallet addresses. A continuous decline in Average Coin Age indicates a selling frenzy, especially among long-term investors.
PEPE Coin Price Prediction
On-chain indicators suggested that the PEPE Coin price could hold the support at $0.0000099 today. However, as of 18:56, if BTC price breaks $28,000 before the completion of this article, support may be lost due to panic selling in altcoins. 4,520 wallets holding 16.86 trillion PEPE have bought at the critical support level. The fear of double-digit losses by these investors could trigger an even larger wave of selling.
PEPE Coin investors may find it beneficial not to overlook the risk of prices falling to $0.000008 amidst a general market downturn. Although the recent market decline seems to be related to the Fed minutes, it may also have been triggered by insider traders’ sales. We have seen many times that significant events have shaken the markets hours before with voluminous sales.
