PEPE's price has surged by 10.87% in the past week. However, the meme coin's bullish prospects are threatened by recent profit-taking signals, raising concerns about a potential sell-off.
Currently priced at $0.0000080, PEPE aims for $0.000013. Despite some optimism, on-chain analysis points to a likely gradual retracement.
On September 21, PEPE hit a month-to-date high of $0.0000083, with bulls preventing a drop below $0.0000071. Santiment data reveals that on Monday, daily on-chain transaction volumes in profits spiked to 4.48 trillion tokens.
This metric, which tracks tokens involved in realized gains, shows that investors have taken over $35 million in profits, indicating selling pressure that could drive prices down further.
Further compounding this bearish sentiment is the Coins' Holding Time metric. Over the past 30 days, it shows a 90% increase. Yet, a 15% decrease in the last week indicates short-term selling pressure, potentially halting the bullish outlook.
Technically, PEPE appeared set to rise to $0.000013, promising a 63% increase. However, indicators like the Ichimoku Cloud and Balance of Power (BoP) suggest the price could face resistance and retracement.
The Ichimoku Cloud, now above PEPE's price, points to resistance rather than support. The BoP also indicates stronger selling pressure.
If realized gains decrease, PEPE could see upward movement, targeting $0.000010 initially, then $0.000013 again.
