Pepe Price Loses Crucial Support As Whale Transaction Declines To $48 Million: Is Pepe Heading Toward A Crash?

Pepe Price Slumps as Whale Support Fades

The price of Pepe has seen a downward trend this week, failing to break above key support levels. Despite a recent rebound in the cryptocurrency market, Pepe continues to face selling pressure. Large-scale investors have also reduced their holdings, potentially signaling further price declines.

Whale Transaction Volume Drops

Over the past 24 hours, Pepe experienced significant liquidations, with bulls closing positions amidst a bearish trend. Coinglass reports total liquidations of $1.51 million, with $1.3 million attributed to buyers.

The decline in Pepe's price coincides with a drop in whale transactions exceeding $100,000. According to IntoTheBlock, whale transaction volume has fallen to $48.7 million, down from $190 million on July 5th.

Impact on Pepe's Price

The reduced buying pressure from whales could weigh on Pepe's price. Additionally, the diminished presence of large investors may erode market confidence.

Technical Analysis

Pepe's downtrend is evident in its consolidating price between $0.00001 and $0.0000078. Despite support from bulls, a break below $0.00000768 could trigger further declines, potentially reaching $0.0000041.

Conversely, the resistance at $0.00001 remains a key hurdle. A突破 this barrier could initiate a recovery, potentially aided by the 50-day Simple Moving Average (SMA) at $0.0000136.