PEPE price has delivered a relatively flat performance in July so far. Where will the PEPE price head next amid growing investor pessimism?
PEPE price is down 15% from July 3, dashing the hopes of bullish investors looking to build on their triple-digit gains from June. On-chain data indicates that many investors may be looking to book profit. What next for the PEPE price?
PEPE is Struggling to Attract New Users
Over the past week, the number of new users joining the PEPE ecosystem has declined significantly. The Santiment chart below shows 1,635 new wallet addresses opened on July 3. At the close of July 11, the figure has dropped by 47% to 863 new addresses.
- .
Network Growth tracks the number of new wallet addresses created on a blockchain network. This estimates the rate at which the ecosystem acquires new users. When it declines, it suggests that the underlying token may struggle to attract demand in the near future.
The chart above suggests that the 47% decline in Network Growth has already impacted prices negatively. Evidently, the PEPE price dropped by 15% between July 3 and July 12.
Read More: Best Upcoming Airdrops in 2023
Whale Investors Are Weighing Their Next Move
Furthermore, whale investors appear to be taking hawkish positions while weighing their next move. The recent 15% PEPE price drop has coincided with the whales reducing their trading activity.
As seen below, Whale Transaction Count began to decline around July 3. Between July 3 and July 12, it dropped 71% from 152 to 44 transactions.
The Whale Transaction Count (>100k) metric aggregates daily transactions exceeding $100,000. When it declines over an extended period, it indicates that the whales are scaling down their bets on the underlying token.
Without whale investors’ liquidity and influential buying power, the price will likely continue trending downward over the next few days.
Read More: 9 Best Crypto Demo Accounts For Trading
PEPE Price Prediction: The Bears Could Target $0.0000010
PEPE price could retrace below $0.0000010 if the latest whales’ bearish sentiment triggers a sell-off. However, according to IntoTheBlock’s Break-Even Price distribution data, the $0.0000015 resistance could offer support
Currently, the 27,000 investors have bought a total of 127 trillion tokens at the minimum price of $0.0000010. They could trigger a recovery if they desperately buy more tokens to avoid slipping into a net-loss position.
But if they sell as predicted, then the price could drop below $0.0000010.
Still, the bulls can overturn this bearish narrative if it reclaims $0.0000020. But as seen above, some of the 33,000 addresses holding 69 trillion tokens at the minimum price of $0.0000020 could trigger a recovery.
But if the bulls push that resistance level aside, it could rise toward $0.0000025.
More From BeInCrypto: 9 Best AI Crypto Trading Bots to Maximize Your Profits
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.
