The PEPE price has been struggling to regain momentum since hitting an all-time high in May. The cryptocurrency has failed to demonstrate significant growth or recovery, and price action remains lackluster.
However, over the past six weeks, PEPE has gained some stability, which could potentially last until September.
Major PEPE investors are coming to the rescue
The largest over-the-counter PEPE holders continued to accumulate coins over the past week, purchasing over 5 trillion PEPE worth over $36 million. These large addresses are optimistic about the price recovery, using the current low prices as an opportunity to accumulate more meme coin.
Continued accumulation by these key holders may be the only factor preventing major price declines. If these large wallet holders continue to buy at current levels, they could prevent further losses and possibly help PEPE regain some growth momentum.
Read more: Pepe: a detailed guide to what it is and how it works
Despite some optimism on the part of large investors, the market as a whole is showing signs of skepticism. Participation in the PEPE network continues to decline, with just over 2,000 addresses participating at the time of writing. This drop in online activity reflects a lack of trust and widespread fear of further losses as the meme coin struggles to generate growth.
The decline in the number of active participants highlights the challenges PEPE faces in gaining wider market support. If network activity does not improve, the risk of significant price declines will be high.
PEPE Price Forecast: Staying Afloat
Since the beginning of August, the price of PEPE has been in the range of $0.00000986 to $0.00000632. The $0.00000632 level has been tested repeatedly as support, preventing any long-term drawdowns below it. This support was critical in preventing PEPE from declining further.
Continued stock accumulation by large holders suggests that PEPE is likely to remain within the range for now. However, it remains unclear whether their efforts will be strong enough to push PEPE above $0.00000986. Without stronger market momentum, a break above this resistance appears unlikely.
Read more: Pepe Price Forecast (PEPE) for 2024/2025/2030.
A fall below this key level could occur if PEPE fails to hold above $0.00000632 during the next test. If this happens, the meme coin could drop to $0.00000474, which would represent a decline of almost 25%. A break of local support at $0.00000587 would further accelerate this decline and invalidate the bullish neutrality thesis.
