Price: $0.38589 2.9414%
Market Cap: 56.68B 1.749%
Volume (24h): 8.25B 0.4%
Dominance: 1.749%
Price: $0.38589 2.9414%
Market Cap: 56.68B 1.749%
Volume (24h): 8.25B 0.4%
Dominance: 1.749% 1.749%
  • Price: $0.38589 2.9414%
  • Market Cap: 56.68B 1.749%
  • Volume (24h): 8.25B 0.4%
  • Dominance: 1.749% 1.749%
  • Price: $0.38589 2.9414%
Home > Information news > Pepe (PEPE) Could See Further 30% Decline, Here’s Why

Pepe (PEPE) Could See Further 30% Decline, Here’s Why

Release: 2024/08/06 00:04 Reading: 717

Original author:CoinPedia News

Original source:https://coinmarketcap.com/community/articles/66b0e7aa1d921c42737d9ec8

Pepe (PEPE) Projected to Decline Up to 30%

On August 5, 2024, the cryptocurrency market witnessed a significant downturn, with an overall decline exceeding 18% within 24 hours. Pepe (PEPE), the third-largest meme coin, was heavily impacted, experiencing a substantial price drop of over 27% during the same period.

Trader Liquidations

The steep price decline triggered substantial liquidations among traders and investors, amounting to over $9.4 million. Notably, long positions accounted for $6.03 million of the liquidations, while short positions contributed $3.33 million.

Technical Analysis

At present, PEPE has breached a critical support level of $0.0000061. Technical analysis suggests that the closing price of PEPE's daily candle will be pivotal in determining its future trajectory.

  • If PEPE closes below the $0.0000061 support level, it could potentially fall by 30% to its next support level around $0.0000043.
  • Conversely, if the daily candle closes above this support level, PEPE may potentially rally by 25% in the upcoming days.

Currently, PEPE exhibits bearish sentiment, trading below the 200 Exponential Moving Average (EMA) on a daily basis. This indicates a bearish trend on the higher time frame. However, the Relative Strength Index (RSI) suggests the possibility of a price reversal, as it is currently in the oversold zone.

Price Analysis

PEPE is currently trading near $0.0000063, having experienced a price decline of over 27% within the last 24 hours. Notably, its trading volume has increased significantly by 190%, reflecting higher participation from traders and investors.

Despite the selling pressure, some investors perceive this as a buying opportunity. A recent post on X (formerly Twitter) indicates that a wallet address with the identifier "0xf3ab" has withdrawn a considerable number of PEPE tokens from Binance. This suggests that bullish investors may be capitalizing on the market dip.

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