PEPE price prediction: Another 20% drop likely in August?

Price Action and On-Chain Data Indicate Potential Range Formation

Price action suggests the possibility of a range formation, with $0.000008 serving as a low point. On-chain data and liquidation levels indicate a deeper price drop is likely.

Pepe (PEPE) Breaks Support Levels

PEPE failed to maintain the fair value gap as a support zone, crashing through it and reaching lows of $0.000008. This level previously provided support during July's losses, offering hope for a similar bounce.

Technical Indicators Signal Bearish Bias

The MACD fell below zero, while the CMF remained at -0.02. The daily timeframe price chart shows a bearish bias but also suggests a potential range formation between $0.000008 and $0.000013.

Selling Pressure from Whales

Whales have been distributing their PEPE holdings, as indicated by the 30-day change in balance. Smaller holders up to 10 million PEPE have added to their positions, while others have sold off, including the 10 trillion and above cohort.

Liquidation Heatmap Confirms Bearish Expectations

The 3-month liquidation heatmap reveals a liquidity pool at $0.000009-$0.00000945 that is insufficient to reverse the downtrend. The next region of interest is $0.00000677-$0.0000074, which aligns with the Fibonacci level at $0.00000678, reinforcing bearish expectations.