Pepe’s price has been consistently falling, losing key support levels as whale transactions decline. This article explores the potential for a significant drop in Pepe’s price.
Points
- Pepe’s price has been falling below key support levels.
- Whale transactions have declined significantly.
- Market recovery and Ethereum ETF approval may influence Pepe’s price.
This week, the price of Pepe has not shown significant swings, consistently falling below key support levels. While Bitcoin’s price struggles to attract buyers, the meme coin market is experiencing increased liquidations. Additionally, interest from large-scale investors in the Pepe meme coin has decreased recently, potentially leading to a sharp drop in its price.
Over the last 24 hours, Pepe’s price witnessed significant liquidations as bulls closed their positions following a bearish turnaround. Data from Coinglass indicates that Pepe experienced total liquidations of nearly $1.51 million, with buyers liquidating around $1.3 million worth of positions.
Despite a midweek rebound in the broader cryptocurrency market, with Bitcoin （BTC） prices rising above $58,000 and Ethereum （ETH） surpassing the $3,100 mark, Pepe continued to face a bearish decline. The loss of support from traders has resulted in decreased volatility for Pepe.
The anticipated approval of Ethereum ETFs is generating excitement in the market, potentially attracting investments. As the second-largest meme coin project on Ethereum, PEPE’s price is poised to gain from positive momentum associated with the anticipated SEC approval for trading.
On-chain data shows that whale investors are using the stable prices to decrease their holdings of PEPE tokens, likely in anticipation of further losses. The volume of PEPE whale transactions dropped significantly to $48.7 million, down from the peak of $190 million on July 5. This reduction in whale activity suggests decreased market confidence and potential further price declines.
Pepe is currently experiencing a consolidation phase within a downtrend, with its price oscillating between $0.00001 and the psychological support level of $0.0000078. Bulls continue to defend against a decline, with the price trading at $0.00000868, a 2.1% decrease in the last 24 hours.
The declining moving averages and a Relative Strength Index （RSI） in negative territory indicate that bears have the upper hand. A sudden drop below $0.00000768 could further empower the bears, potentially driving the PEPE/USDT pair down to $0.0000041. On the flip side, overcoming the $0.00001 mark could signal the beginning of a robust recovery, with the next resistance level at the 50-day Simple Moving Average （SMA） at $0.0000136.
解説
- Decline in Whale Activity: The significant drop in whale transactions indicates decreased confidence in PEPE’s price stability.
- Liquidation Impact: High liquidations suggest increased selling pressure, contributing to the price decline.
- Market Dynamics: Despite broader market recovery, PEPE’s decline highlights its unique challenges and potential for further losses.
- Technical Indicators: Negative RSI and declining moving averages suggest bearish control, with key support and resistance levels critical for future price movements.
- Potential Recovery: Overcoming key resistance levels could signal a recovery, but investors should remain cautious of further declines.