PEPE price has struggled to regain momentum since reaching its all-time high in May. The cryptocurrency has failed to show significant growth or recovery, with price action remaining lackluster.
Over the past six weeks, however, PEPE has found some stability, which could potentially continue through September.
Large PEPE Investors to the Rescue
Top non-exchange PEPE holders have continued to accumulate the coin over the past week, purchasing more than 5 trillion PEPE worth over $36 million. These large addresses are optimistic about a price recovery, using the current low prices as an opportunity to accumulate more of the meme coin.
The ongoing accumulation by these key holders could be the only factor preventing a major price decline. If these large wallet holders continue to buy at current levels, they may prevent further losses and possibly help PEPE regain some upward momentum.
Read more: Pepe: A Comprehensive Guide to What It Is and How It Works
Despite some optimism from large investors, the broader market shows signs of skepticism. Participation on the PEPE network has continued to decline, with just over 2,000 addresses participating at the time of writing. This drop in network activity reflects a lack of confidence and widespread fear of further losses as the meme coin struggles to generate growth.
The declining number of active participants highlights the challenges PEPE faces in gaining broader market support. Unless network activity improves, the risk of a significant price drop looms large.
PEPE Price Prediction: Staying Afloat
Since the start of August, PEPE’s price has been rangebound between $0.00000986 and $0.00000632. The $0.00000632 level has been tested multiple times as a support, preventing any long-term drawdowns below it. This support has been crucial in keeping PEPE from further declines.
The continued accumulation by large holders suggests that PEPE will likely remain rangebound for now. However, it remains uncertain whether their efforts will be strong enough to push PEPE past $0.00000986. Without stronger market momentum, a breakout above this resistance seems unlikely.
Read more: Pepe (PEPE) Price Prediction 2024/2025/2030
A drop below this key level could occur if PEPE fails to hold above $0.00000632 during its next test. Should that happen, the meme coin may fall to $0.00000474, marking a nearly 25% decline. Breaking through the local support of $0.00000587 would further accelerate this downturn and invalidate the bullish-neutral thesis.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
