CandleFocus 2 Reasons Why PEPE Long-Term Holders Might Trigger a 35% Price Drop
2024-10-03
Author: Content Editor
The popular meme coin Pepe (PEPE) is facing significant pressure as its long-term holders (LTHs) are selling off their tokens, leading to an 18% price decline over the past four days. Two on-chain metrics, Mean Coin Age and Mean Dollar Invested Age, indicate that LTHs are liquidating their positions and becoming less confident in the token's long-term prospects. This profit-taking activity among LTHs is a bearish signal and may prompt short-term holders to sell their coins, further intensifying selling pressure. If selling pressure continues, Pepe could see a further decline of 35%, but if LTHs hold their tokens and market sentiment improves, the coin may reverse course and attempt to break resistance at $0.000012.
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