PEPE has dropped by 5% in the past week as meme coins have suffered from the recent decline.
Some on-chain data indicates negative price forecasts for PEPE as whales have left the ship and incurred losses.
Many investors are anticipating losses as the number of "profitable" PEPE wallets has decreased by 9%.
Meanwhile, massive transaction volumes have decreased by 5%, indicating that whale activity has declined.
Finally, since late May, the MVRV Z-score has decreased, which estimates the ratio of cryptocurrency wallets holding PEPE that are incurring losses.
If this indicator remains negative for a long time, whales may be retreating and selling, possibly due to changed assumptions about the token's upside potential.
This could be due to the war between Iran and Israel.
A bounce from this support may allow PEPE to reach $0.00001500.
The 4-hour PEPE chart shows its critical support zone. While investors await the next catalyst to determine what to do with their coins, $0.00001000 appears to be the most important milestone.
A downward breach could result in a significant drop to $0.00000880. As mentioned before, on-chain data indicates that negative momentum is increasing. This new decline may allow whales to start accumulating tokens again around $0.00001000.
The token could reach $0.00001500 if it breaches above $0.000011. The short-term daily exponential moving averages (EMAs) do not support a positive price forecast for PEPE.
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