Pepe (PEPE) may face further price declines despite increased whale accumulation, highlighting a disconnect between large holders' actions and market sentiment.
Data from Glassnode shows a 108% surge in PEPE's large holders' netflow over the past week. However, accumulation stalled around September 13, risking further price drops.
In addition, a decline in active addresses since September 14 suggests reduced user engagement and lower demand, adding to the bearish outlook.
On-chain metrics indicate PEPE faces resistance near $0.0000071, with 8,600 addresses holding significant tokens. If resistance sellers act, PEPE's price could drop further to $0.0000060.
A surge in demand could invalidate this bearish forecast, potentially pushing PEPE's price to $0.000010.
