Investing in cryptocurrency during price pumps can be compared to boarding a high-speed train. If you miss your chance to invest early, it can be difficult to catch up with the market. However, sometimes there are opportunities to catch the train again. For example, the PEPE Coin is currently facing selling pressure, but it may still turn out to be a profit-making opportunity for memecoin traders.
PEPE, the popular cryptocurrency known for its unique Pepe the Frog-themed design might form a new support level as it approaches the mark where it faced some resistance during its bull run.
Amid the bearish movement, investors continue booking their incredible profits with PEPE, which has led to a massive drop in the memecoin’s price over the past few days.
The PEPE coin is trading at $0.00000226, down 19.3% from yesterday, and is moving downward. Now, PEPE has retraced nearly 50% from its All Time High of $0.00000420. As a result, the market capitalization is coming back below the $1 billion mark.
PEPE Coin has experienced a 20% price drop today and is now approaching the 0.50 level of the Fib retracement zone. This presents an opportunity for the bulls to reverse the trend, as additional losses of over 20% are anticipated below this level
According to CoinGecko, the trading volume is $706 million, indicating an outflow of money from PEPE Coin.
According to blockchain analytics firm Lookonchain, a whale holds approximately 962.3 billion $PEPE tokens ($2,151,690), which was purchased last week for $2.4 million. Due to the turmoil in Memecoin, the whale has lost approximately $541K.
Despite an incredible rally, the PEPE coin is currently experiencing a decline in value due to a lack of buyer confidence. Nevertheless, the bulls have a glimmer of hope for a possible recovery if they manage to keep today’s price closing above the 0.5 level of the Fibonacci retracement level.
