Pepe Coin (PEPE) price fell 15% in two days to trade around $0.00000073 on October 3. Now, meme coin may experience another 10% decline.
Pepe Coin Price Technical Analysis
PEPE price significantly followed Bitcoin’s price trends in late September, rising over 37% in the last week of the month. When I do this, meme coin After reaching the 0.00000085 level, it retested the 50-day exponential moving average (50-day EMA; orange wave in the chart below) as resistance.
The subsequent correction was accompanied by a 40% increase in trading volumes, indicating a determined bearish sentiment among Pepe coin traders. Therefore, any further decline below the 20-day EMA (red wave) risks dropping PEPE price towards a local support target of $0.00000066.
Koinfinans.com As we reported, On-chain indicators support the bearish outlook for PEPE mentioned above.
According to Etherscan, the first days of Q4 brought a slight increase in the number of PEPE transactions. However, blockchain activity is still well below its May peak in terms of transfer amounts, number of unique addresses, and number of transfers.
While the peak of popularity for PEPE is likely in the past, the coin’s holder count added 604 wallets in the previous week, likely inspired by bullish “Uptober” expectations. According to Lookonchain, one of these wallets spent $801,000 to purchase 1.08 trillion PEPE.
Binance’s PEPE wallet is still the richest wallet, holding approximately 25% of the meme coin’s circulating supply. It is also among the top 100 wallet holders, controlling more than 73% of the supply among the richest addresses.
