Withdrawals from stock exchanges exceeded deposits. The money flow was low and could make it difficult to pump quickly.
On March 27, a whale moved Pepe [PEPE], valued at $21.10 million, from the KuCoin exchange. According to Whale Alert, this value was equivalent to 2.63 trillion tokens. Moments after the transaction, the price of PEPE fell.
Recently, the price of PEPE was $0.000007, which represents an increase of 1.12% in the last few hours. But before that, the value of the token decreased to $0.000073, indicating that memecoin felt the impact of the transfer.
However, on-chain data analyzed by AMBCrypto showed that significant respite. To do this, we verify the inflows and outflows of foreign currency.
According to the information available, the foreign exchange income was 22.11 billion. For the uninitiated, this metric tracks the number of tokens sent from external sources to exchanges.
The Price Will Remain Stable
Foreign exchange outflow measures the number of foreign exchange outflows. More recently, the metric was higher, at 88.30 billion. The difference between the metrics suggests that more participants withdrew PEPE to hold it long-term than those who withdrew cash.
If this remains the case as the weekend approaches, PEPE could stabilize. There is also a possibility that the value of the cryptocurrency could rise towards $0.0000081 in the short term.
Today, Bollinger Bands (BB) showed that volatility around PEP has started to increase. From a bullish perspective, high volatility and buying pressure could send the price to $0.0000085.
However, if the bulls fail to provide much-needed strength, PEPE could fall to $0.0000073. The Relative Strength Index (RSI) indications showed that the reading was about to cross the neutral area.
A further rise in the RSI could validate the bullish bias and suggest that buying momentum has increased. However, the Money Flow Index (MFI) showed that not much capital has yet entered the PEPE.
No More Sales Pressure
With the position, the bulls were not yet armed with adequate liquidity to trigger a significant jump. Therefore, the token price could swing sideways for a while before the expected rally comes into play.
Regarding the social domain, AMBCrypto observed that the metric fell. The decrease in the metric suggests that discussions around PEPE have decreased.
The decline in social dominance is a positive sign when compared to the price action as it could imply that the value was close to its low. Another indicator analyzed was the annual inflation rate.
On March 27, the annual inflation rate jumped, indicating that sellers were “negotiating” with PEPE. However, the metric declined in recent hours, suggesting that selling pressure on the token had reduced.
In the future, PEPE could see an increase soon. However, market participants may need to keep an eye on changes in the market. If sentiment turns bearish, the potential rally could be negated.
PEPE Forecast
According to CryptoPredictions, Pepe started March 2024 at $0.000002733008156 and is expected to end the month at $0.000007591390104. During March, the predicted maximum price of PEPE is $0.000011263033517 and the minimum is $0.000002733008156.
Meanwhile, Pepe is forecast to start April 2024 at $0.000007856456301 and end the month at $0.000011107783832. During April, the predicted maximum price of PEPE is $0.000011439220007 and the minimum is $0.000007778669605.
PEPE price for today (29.03.2024) is forecast to be in the range of $0.000006452681588 – $0.00000948923763. Pepe price is expected to end at $0.000007591390104 today.
By Audy Castaneda
