{"id":550906,"date":"2023-09-12T09:00:38","date_gmt":"2023-09-12T09:00:38","guid":{"rendered":"https:\/\/wncen.com\/?p=550906"},"modified":"2023-09-12T08:53:42","modified_gmt":"2023-09-12T08:53:42","slug":"can-pepe-coin-bounce-back-insights-on-its-future-post-critical-support-drop","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/can-pepe-coin-bounce-back-insights-on-its-future-post-critical-support-drop\/","title":{"rendered":"Can Pepe Coin Bounce Back? Insights On Its Future Post-Critical Support Drop"},"content":{"rendered":"

Pepe Coin has been on a wild ride in early September, characterized by significant price volatility and a troubling dip in its performance.\u00a0<\/span><\/p>\n

The price action of PEPE early this month followed a bearish pennant pattern, marked by two converging trendlines. This pattern typically signals indecision in the market, as buyers and sellers wrestle for control. However, the situation took a turn for the worse as the coin broke below its support trendline, increasing the pressure on the supply side.<\/span><\/p>\n

As of the latest data from <\/span>CoinGecko<\/span><\/a>, the coin is trading at $0.00000067, showing a 3.9% loss in the past 24 hours and a substantial 14.4% decline over the past week. Most notably, PEPE has tumbled out of the coveted crypto top 100 list on CoinGecko.<\/span><\/p>\n

Related Reading: Filecoin Uphill Battle To $3.5 \u2013 What\u2019s Holding It Back?<\/a><\/div>\n

PEPE Selling Pressure Intensifies<\/strong><\/h2>\n

On September 10, PEPE suffered a <\/span>bearish breakdown<\/span><\/a>\u00a0as it breached the support trendline. This development, coupled with a rising supply pressure across the altcoin landscape, resulted in a sharp decline in the value of PEPE. Investors and enthusiasts began to question the coin’s future as it struggled to maintain its position.<\/span><\/p>\n

\"\"<\/p>\n

Source: Coingape<\/a><\/pre>\n
Adding to the concerns surrounding PEPE, a <\/span>tweet from Lookonchain<\/span><\/a> on September 11 drew attention to a peculiar event. Several investors opted to sell their PEPE holdings, swapping them for PNDC (Pandacoin). Three wallets collectively sold a staggering 1.38 trillion PEPE tokens for 600 ETH, equivalent to approximately $965,000. In a surprising twist, they reinvested 600 ETH to purchase 487 billion PNDC tokens.<\/span><\/p>\n
\n
We noticed that 3 wallets changed their $PEPE<\/a> positions to $PNDC<\/a> today.<\/p>\n
They sold a total of 1.38T $PEPE<\/a> for 600 $ETH<\/a>($965K) and spent 600 $ETH<\/a> to buy 487B $PNDC<\/a>.<\/p>\n
Address:https:\/\/t.co\/tPT0P3KvOg<\/a>https:\/\/t.co\/nKOS9H3tbG<\/a>https:\/\/t.co\/EzkRW2BuPt<\/a> pic.twitter.com\/f7rUHZY2jx<\/a><\/p>\n
\u2014 Lookonchain (@lookonchain) September 11, 2023<\/a><\/p><\/blockquote>\n
On-Chain Metrics Paint A Grim Picture<\/strong><\/h2>\n
A deeper look at <\/span>PEPE’s on-chain metrics<\/span><\/a> reinforced the growing unease within the crypto community. Buying pressure on the meme-inspired coin remained high, which, paradoxically, contributed to the bearish sentiment. Notably, PEPE’s supply on exchanges experienced a sharp increase over the past few days, indicating a surge in selling activity.\u00a0<\/span><\/p>\n
<\/p>\n
PEPEUSD currently trading at $0.000001 on the daily chart: TradingView.com<\/a><\/pre>\n
What Lies Ahead For Pepe Coin?<\/strong><\/h3>\n
This shift occurred simultaneously with a decrease in PEPE’s supply outside of exchanges, further highlighting the rising selling pressure. Moreover, PEPE’s exchange inflow witnessed a noticeable spike, while the total number of holders declined, painting a gloomy picture for the cryptocurrency.<\/span><\/p>\n
Related Reading: Massive PEPE Token Dump: Whale Unloads 762 Billion At Loss As Price Wobbles<\/a><\/div>\n
PEPE\u2019s early September performance has been nothing short of turbulent. Its journey from a bearish pennant pattern to a breakdown below support has left investors and enthusiasts concerned about its future. The notable wallet activity and on-chain metrics only serve to compound these concerns, leaving the crypto community with more questions than answers about the fate of PEPE in the coming days.<\/span><\/p>\n
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n
Featured image from <\/span>Tallahassee Democrat<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Pepe Coin has been on a wild ride in early September, characterized by significant price volatility and a troubling dip in its performance.\u00a0 The price action of PEPE early this month followed a bearish pennant pattern, marked by two converging trendlines. This pattern typically signals indecision in the market, as buyers and sellers wrestle for control. However, the situation took a turn for the worse as the coin broke below its support trendline, increasing the pressure on the supply side. As of the latest data from CoinGecko, the coin is trading at $0.00000067, showing a 3.9% loss in the past 24 hours and a substantial 14.4% decline over the past week. Most notably, PEPE has tumbled out of the coveted crypto top 100 list on CoinGecko. Related Reading: Filecoin Uphill Battle To $3.5 \u2013 What\u2019s Holding It Back? PEPE Selling Pressure Intensifies On September 10, PEPE suffered a bearish breakdown\u00a0as it breached the support trendline. This development, coupled with a rising supply pressure across the altcoin landscape, resulted in a sharp decline in the value of PEPE. Investors and enthusiasts began to question the coin’s future as it struggled to maintain its position. Source: Coingape Adding to the concerns surrounding PEPE, a tweet from Lookonchain on September 11 drew attention to a peculiar event. Several investors opted to sell their PEPE holdings, swapping them for PNDC (Pandacoin). Three wallets collectively sold a staggering 1.38 trillion PEPE tokens for 600 ETH, equivalent to approximately $965,000. In a surprising twist, they reinvested 600 ETH to purchase 487 billion PNDC tokens. We noticed that 3 wallets changed their $PEPE positions to $PNDC today. They sold a total of 1.38T $PEPE for 600 $ETH($965K) and spent 600 $ETH to buy 487B $PNDC. Address:https:\/\/t.co\/tPT0P3KvOghttps:\/\/t.co\/nKOS9H3tbGhttps:\/\/t.co\/EzkRW2BuPt pic.twitter.com\/f7rUHZY2jx \u2014 Lookonchain (@lookonchain) September 11, 2023 On-Chain Metrics Paint A Grim Picture A deeper look at PEPE’s on-chain metrics reinforced the growing unease within the crypto community. Buying pressure on the meme-inspired coin remained high, which, paradoxically, contributed to the bearish sentiment. Notably, PEPE’s supply on exchanges experienced a sharp increase over the past few days, indicating a surge in selling activity.\u00a0 PEPEUSD currently trading at $0.000001 on the daily chart: TradingView.com What Lies Ahead For Pepe Coin? This shift occurred simultaneously with a decrease in PEPE’s supply outside of exchanges, further highlighting the rising selling pressure. Moreover, PEPE’s exchange inflow witnessed a noticeable spike, while the total number of holders declined, painting a gloomy picture for the cryptocurrency. Related Reading: Massive PEPE Token Dump: Whale Unloads 762 Billion At Loss As Price Wobbles PEPE\u2019s early September performance has been nothing short of turbulent. Its journey from a bearish pennant pattern to a breakdown below support has left investors and enthusiasts concerned about its future. The notable wallet activity and on-chain metrics only serve to compound these concerns, leaving the crypto community with more questions than answers about the fate of PEPE in the coming days. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Tallahassee Democrat<\/p>\n","protected":false},"author":557,"featured_media":550913,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1144,8686,83767,88215,4735],"class_list":["post-550906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-btcusd","tag-ethusd","tag-meme-coins","tag-pepe-price","tag-price-action"],"acf":[],"yoast_head":"\nCan Pepe Coin Bounce Back? 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Can Pepe Coin Bounce Back? 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