The cryptocurrency market is currently facing challenges in gaining positive momentum, with meme coins like PEPE experiencing significant struggles. The price of PEPE has remained stable within a bearish region for an extended period, and on-chain metrics are indicating a potential 20% drop in value due to buyers failing to overcome resistance levels.
Pepe’s volatility has been steadily declining, with the frog-themed meme coin witnessing a sharp drop in price over the past month. After reaching a high of $0.000028, PEPE’s value plummeted by 45% in just 30 days. This drastic decrease has led traders to reduce their investments rapidly, resulting in a total liquidation of around $1.6 million, with buyers closing nearly $1.1 million in long positions.
Glassnode, a platform for on-chain analytics, reports that PEPE has experienced significant deleveraging, with a steep decrease in Futures Open Interest in the meme coin market. This decline in open interest following periods of high demand in meme coins reflects a shift in attitude towards these assets.
Despite the price drop, there has been an increase in whale activity in Pepe, with the number of large transactions rising recently. This surge in whale involvement while Pepe’s price consolidates could indicate a potential breakout in either direction.
As meme coin enthusiasts struggle to drive Pepe’s price above moving averages, the coin is currently trading below $0.00001, facing bearish pressure above that level. At present, PEPE is trading at $0.00000929, showing a slight increase of over 0.8% in the last 24 hours.
If the price falls below $0.000008, bears could take control and push the PEPE/USDT pair down to the key support level of $0.0000059. However, a rebound from $0.000008 or a break above $0.00001 could signal a resurgence of bullish momentum, potentially leading the pair towards $0.0000111 and even higher to $0.000015.
In conclusion, the future of Pepe’s price remains uncertain, with various factors influencing its movement. Traders and investors will need to closely monitor market trends and key support levels to make informed decisions regarding their PEPE holdings.