PEPE price might fail to notice a rally as investors are creating a bearish atmosphere for the meme coin. The biggest drivers of this potential failure are the whales, which are pulling back considerably.
PEPE price trading at $0.00000785 was expected to note a breakout from the bullish descending wedge. However, this may not happen since the investors are not particularly optimistic in their behavior.
Participation across the network has taken a significant hit as investors continue to step back from conducting transactions. Active addresses are presently at a six-month due to the lack of recovery, giving investors no incentive to move their holdings around.
Moreover, the behavior of large wallet holders, often referred to as whales, is negatively affecting overall investor confidence. Their decision to step back from participating in the network is causing concern among market participants.
This pullback is particularly evident in the volume of high-value transactions, specifically those worth $100,000 or more. In just two weeks, the total daily transaction volume on average, has seen a decline of 60%, falling from $83 million to $33 million. This sharp decrease highlights the impact that whale activity can have on the broader market.
If the whales remain subdued and inactive, the price will have barely any room to note growth. Currently, PEPE price is above the support of $0.00000775 and is looking to bounce off this level to note a recovery. However, considering the aforementioned factors, a break out of this pattern is unlikely. Thus, the meme coin might struggle under $0.00001000 until stronger bullish cues pull the altcoin up.
On the other hand, if the investors’ tone changes, PEPE price could end up flipping $0.00001000 into support. This would enable further rise and a potential breakout, invalidating the bearish thesis.
