The Pepe price (PEPE) has gone down by 3.3% in the past 7 days as meme coins have taken a significant hit during the latest downturn.
Some on-chain metrics appear to be favoring a bearish Pepe price prediction as whales are abandoning the ship and taking losses along the way.
The number of “in the money” wallets that hold PEPE has declined recently by 7%, meaning that many investors are currently sitting on losses.
Meanwhile, large transaction volumes have dropped by 5%, suggesting that whales’ activity has been diminishing.
Finally, the MVRV Z-score, which measures the portion of crypto wallets holding PEPE that are currently under water, has reached negative levels and has been dropping since late May.
When this metric is in negative territory and stands there for too long, it could indicate that whales are capitulating and taking losses as they sell, possibly as their expectations about the token’s upside potential in the near future are changing.
The armed conflict between Iran and Israel could have contributed to this dynamic.
PEPE Could Still Rise to $0.00001300 If It Bounces Off This Support
Looking at PEPE’s 4-hour chart, we can already identify the token’s key area of support. The $0.00001000 level seems to be the most critical threshold to watch as investors wait for the next catalyst to decide what to do with their tokens.
A break below could risk a big drop to the $0.00000800 area. As seen earlier in the article, on-chain data suggests that bearish momentum is gaining traction. However, this latest drop could also open up the door for whales to start accumulating tokens once again at this lower price of $0.00001000.
A break above $0.000011 will likely push the token to the $0.00001300 area in the near term. However, PEPE’s daily short-term exponential moving averages (EMAs) are not yet support a bullish Pepe price prediction.
A ‘golden cross’ between the 9-day and 21-day EMAs would confirm this bullish outlook in the near term.
In this lower time frame, the Relative Strength Index (RSI) has moved above the 14-day moving average which signals that positive momentum is building up.
Meme coins in the Solana ecosystem have been increasing their market value lately despite the market’s overall negative sentiment.
To help the Solana blockchain keep up with rising transaction volumes, a new layer-2 scaling solution called Solaxy (SOLX) has emerged and its crypto presale is finally coming to an end after raising $55 million.
Solaxy Prepares for Mainnet Launch in 3 Days
Solaxy (SOLX) aims to eliminate the congestion issues that the Solana blockchain has experienced during peak usage periods.
This is achieved through a side chain that bundles transactions offline before sending them to the mainnet to increase the efficiency of every block.
The developing has made significant progress to launch the L2 and plans to release the mainnet in early July just a couple of weeks after Solaxy’s presale ends.
As the utility token of this solution, $SOLX could skyrocket once top wallets and exchanges start to adopt Solaxy. In addition, the project offers attractive staking rewards of 76%.
To buy $SOLX at its discounted price before the presale event ends, head to the Solaxy website and connect your wallet (e.g. Best Wallet).
You can either swap USDT or SOL or use a bank card to make your investment.
The post Pepe Price Prediction: This Rare MVRV Signal Just Flashed — Why Traders Are Paying Close Attention appeared first on Cryptonews.
Credit: Source link
