- PEPE could drop by another 10% in the coming sessions.
- The memecoin currently trades above its 20-day EMA support.
- Muted blockchain activity backs the bearish expectations.
YEREVAN (CoinChapter.com) — Pepecoin (PEPE) price has dropped 15% in two days to trade around $0.00000073 on Oct. 3. And now, the memecoin may undergo another 10% decline.
Pepecoin Price Technical Analysis 2023
Pepecoin price notably tailed Bitcoin’s price trends in late September, rising over 37% in the month’s final week. In doing so, the memecoin retested its 50-day exponential moving average (50-day EMA; the orange wave in the chart below) as resistance after peaking at 0.00000085.
Notably, the correction afterward accompanied a 40% increase in trading volumes, indicating decisive downside sentiment among Pepecoin traders. A further decline below the 20-day EMA (the red wave), therefore, risks crashing the PEPE price toward $0.00000066, a local support target.
Pepecoin’s Blockchain Becoming Ghost Town
On-chain indicators support the bearish outlook for Pepecoin mentioned above.
According to Etherscan, the first days of Q4 brought a slight uptick in the PEPE transaction count. However, the blockchain activity is still far below its May peak regarding transfer amounts, number of unique addresses, as well as transfer count.
While the peak of popularity is likely in the past for Pepecoin, the coin’s holder count added 604 wallets in the previous week, possibly inspired by bullish “Uptober” expectations. According to the on-chain data tracker Lookonchain, one of those wallets spent $801,000 to buy 1.08 trillion PEPE.
Binance’s Pepecoin wallet is still the richest, holding nearly 25% of the memecoin’s circulating supply; it is also among the top 100 holders, controlling over 73% of the supply among the richest addresses.