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$PEPE price has struggled to regain momentum since reaching its all-time high in May. The cryptocurrency has failed to show significant growth or recovery, with price action remaining lackluster.
Over the past six weeks, however, $PEPE has found some stability, which could potentially continue through September.
Large $PEPE Investors to the Rescue
Top non-exchange $PEPE holders have continued to accumulate the coin over the past week, purchasing more than 5 trillion $PEPE worth over $36 million. These large addresses are optimistic about a price recovery, using the current low prices as an opportunity to accumulate more of the meme coin.
The ongoing accumulation by these key holders could be the only factor preventing a major price decline. If these large wallet holders continue to buy at current levels, they may prevent further losses and possibly help $PEPE regain some upward momentum.
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Despite some optimism from large investors, the broader market shows signs of skepticism. Participation on the $PEPE network has continued to decline, with just over 2,000 addresses participating at the time of writing. This drop in network activity reflects a lack of confidence and widespread fear of further losses as the meme coin struggles to generate growth.
The declining number of active participants highlights the challenges $PEPE faces in gaining broader market support. Unless network activity improves, the risk of a significant price drop looms large.
$PEPE Price Prediction: Staying Afloat
Since the start of August, $PEPE’s price has been rangebound between $0.00000986 and $0.00000632. The $0.00000632 level has been tested multiple times as a support, preventing any long-term drawdowns below it. This support has been crucial in keeping $PEPE from further declines.
The continued accumulation by large holders suggests that $PEPE will likely remain rangebound for now. However, it remains uncertain whether their efforts will be strong enough to push $PEPE past $0.00000986. Without stronger market momentum, a breakout above this resistance seems unlikely.
Read more: Pepe ($PEPE) Price Prediction 2024/2025/2030
A drop below this key level could occur if $PEPE fails to hold above $0.00000632 during its next test. Should that happen, the meme coin may fall to $0.00000474, marking a nearly 25% decline. Breaking through the local support of $0.00000587 would further accelerate this downturn and invalidate the bullish-neutral thesis.