Meme Coin Analysis: PEPE Faces Selling Pressure Amid 60% Price Increase Potential

PEPE Price Surge and On-Chain Metrics

While PEPE has recently witnessed a rise of 10.87% in the past week, analysts express caution regarding its future performance. This altcoin analysis highlights the correlation between significant profit-taking and potential price declines.

• Current Trading Price: $0.0000080
• Resistance Level Target: $0.000013

As PEPE begins its ascent, data from Santiment demonstrates a remarkable increase in realized gains, totaling over $35 million. With a notable climb in the daily transaction volume, it signals a trend where many investors are opting to lock in profits.

Key Indicators of Selling Pressure

• Coins' Holding Time shows a significant rise of 90% over 30 days, but a decrease of 15% over the last week suggests intensified selling pressure.

This trend raises concerns about the meme coin's bullish expectations, as ongoing profit-taking could counteract previous price growth.

Technical Analysis and Future Outlook

From a technical viewpoint, PEPE prices are projected to possibly approach $0.000013, marking a significant 63% increase potential. However, Ichimoku Cloud indicators reveal that current resistance levels make such a move uncertain. The indicator sits above the trading price, indicating a likely pullback.

• Technical Indicators: Ichimoku Cloud and Balance of Power (BoP) suggest a retracement.
• Potential price decline could gauge as low as $0.0000074.

Should profit-taking diminish, there exists an opportunity for PEPE to rally towards more favorable price targets, invigorating the market for this meme coin.