PEPE Holders May Cash Out as Price Prediction Remains Bearish
In the past week, Pepe [PEPE] bulls anticipated reversing the downward trend, but the situation has shifted in the past 24 hours. The rise in selling pressure for the meme coin coincided with Bitcoin's [BTC] drop below $64.8k on June 21st. The bearish sentiment in the crypto market suggests a retest of the support zone.
Bullish Order Block: Can It Save PEPE?
PEPE is likely to experience another double-digit percentage price drop. The PEPE price prediction forecasts a move towards the $0.0000093 support zone (cyan box), a bullish order block established in mid-May.
The RSI on the daily chart has remained below neutral 50 in June, indicating a bearish market structure flip when PEPE fell below the $0.00001314 support. The OBV is also barely holding onto a local support level.
Selling Pressure May Subside
Data from IntoTheBlock reveals that 77.58% of PEPE holders are in the money, indicating profits despite the downtrend. A significant portion of PEPE tokens in profit were purchased in the $0.000002-$0.000003 zone, where the token's uptrend began in late February. However, a larger percentage of tokens are out of the money around the current price, potentially creating selling pressure from holders looking to break even.
In the short term, a price dip is anticipated. However, the uptrend may resume after a retest of the $0.0000093 bullish order block.