Here’s Why PEPE Meme Coin Price is Plunging

PEPE Meme Coin Price Volatility

The PEPE meme coin has exhibited significant volatility, with its price experiencing downward movement. This has raised concerns among investors, who speculate about the coin's price trajectory. Known for its rapid price fluctuations, PEPE appears to be at a critical juncture. Cryptocurrency analysts suggest that the current price behavior indicates a potential correction phase.

PEPE Price Analysis

More Crypto Online believes PEPE may have formed a top in wave (3), with the current decline representing the unfolding wave (A) of (4). The analysis suggests a potential price drop, with a support level at the 38.2% retracement around $0.x127386. This indicates PEPE's position in a crucial phase of its price cycle, with implications for its short-term movements.

Smart Trader Transactions

Spot On Chain reported a transaction involving PEPE, with a smart trader depositing a substantial amount to Binance following a 14% price drop. This trader had previously withdrawn the same amount, realizing a significant profit. The transaction showcases the profit-taking behavior among major holders, influencing the coin's price dynamics.

Wave 4 Challenges

Crypto analyst Davie Satoshi cautions about wave 4, typically marked by a triangle pattern and a correction of around 23-30%. He highlights the difficulty in predicting this wave, which can take on various forms. Advising against attempting smart trades during wave 4, Satoshi recommends holding during this period.

Conclusion

The PEPE meme coin is navigating a complex phase, with wave analysis suggesting a potential price correction. Smart trader transactions and the ongoing wave 4 present challenges in predicting short-term movements. As PEPE continues to evolve, investors should monitor its price behavior closely.