Is Pepe heading for a crash?
This week, Pepe's price did not show significant changes, constantly falling below key support levels. While Bitcoin prices have struggled to attract buyers, the meme coin market is experiencing an increase in liquidity. Additionally, interest from large investors in Pepe Meme Coin has recently decreased, which may cause the price to drop significantly soon.
Pepe Well's sales dropped to $48 million
Over the past 24 hours, Pepe's price has seen significant liquidity as bulls closed their positions heavily following a shift in sentiment on Pepe's price chart. According to data from Coinglass, the price of Pepe saw a liquidation of about $1.51 million, of which buyers burned positions of about $1.3 million.
After a rough start, the cryptocurrency market bounced back in the middle of the week. The price of Bitcoin (BTC) rose above $58,000, and Ethereum (ETH) prices crossed the $3,100 mark on Wednesday. However, as Pepe lost support from traders, the bearish decline continued, resulting in reduced volatility.
The market recovery is linked to the increasing flow of Bitcoin ETFs and the exciting build around the upcoming approval of Ethereum ETFs.
As the second largest meme coin project on Ethereum, PEPE's price is set to gain positive momentum, as Ethereum ETFs begin attracting investment with the pending SEC approval for trading. According to recent market developments, investors in PEPE are preparing for this big event.
On-chain data suggests that whale investors are taking advantage of the stable price to reduce their holdings of PEPE tokens, possibly in anticipation of further losses.
IntoTheBlock's chart shows that daily PEPE transactions over $100,000 provide insights into investor activity. PEPE Well's trading volume has dropped to $48.7 million in the past few days. The measure is down from its July 5 peak of $190 million.
With less buying pressure from these big investors, Pepe's price could drop. Additionally, a decline in whale populations may reduce market confidence.
What's next for Pepe Price?
Pepe is experiencing a consolidation phase in a downtrend, with the price hovering between the $0.00001 and $0.0000078 psychological support levels. However, the bulls continue to resist the fall. As of writing, the price of Pepe is trading at $0.00000868, down more than 2.1% in the last 24 hours.
A moving average in negative territory and a declining relative strength index (RSI) suggest bears are dominant. A sudden drop below $0.00000768 could further encourage the bears, which could push the PEPE/USDT pair to $0.0000041.
On the upside, the $0.00001 mark stands as a critical resistance level. Overcoming this setback could signal the start of a strong recovery. Although the 50-day simple moving average (SMA) may pose some resistance at $0.0000136, it is expected to be breached if the upward momentum continues.
