beincrypto.com
PEPE price is following the broader market cues which are keeping the meme coin from breaking out of a bullish pattern.
However, PEPE holders are optimistic about a rise and are also capitalizing on the low prices despite no similar sentiment being noted from new investors.
PEPE Finds Support
PEPE’s price recovery could be driven by its investors if not by the broader market. The existing holders are actively seeking a bounce back in price, buying over 4 trillion tokens (approximately worth $30.8 million) from exchanges in just three days.
In some cases, supply moving out of exchanges and into investors’ wallets is also considered a sign of concern. However, since there is no instability with any crypto exchange at the moment, this accumulation at a low price signals bullish sentiment among current holders.
While this buying activity could stabilize PEPE’s price and indicate confidence in its future, there are concerns regarding its traction among new investors. Despite the existing holders’ accumulation, PEPE’s adoption rate remains stagnant, which shows little interest from outside its current investor base.
The lack of new investor interest is troubling, as it suggests that PEPE may struggle to sustain long-term growth. Without fresh capital, the altcoin’s broader market appeal is limited, posing a risk to its future viability.
If PEPE continues to struggle to attract new investors, its momentum could falter, potentially leading to a price collapse.
Read more: Pepe: A Comprehensive Guide to What It Is and How It Works
PEPE Price Prediction: Preventing a Decline
PEPE price is currently only focused on bouncing off the support at $0.00000756. Trading at $0.00000766 at the time of writing, the meme coin has been holding above this support level for the last 72 hours.
The mixed sentiments coming from investors could extend this effort, and the meme coin could continue moving sideways. But a jump from this point could help PEPE rise and breach the upper trend line of the descending wedge. This bullish pattern suggests an 81% rally is likely upon breakout, which could bring it closer to the all-time high of $0.00001725.
Read more: Pepe (PEPE) Price Prediction 2024/2025/2030
On the other hand, there is a chance that demand among PEPE holders will eventually decline. The eventual combination of low traction and low demand could tip the scales in favor of the bears.
As a result, the meme coin will end up falling to test the critical support of $0.00000633. Losing this level would invalidate the bullish thesis completely.