This week, the price of PEPE has not performed as well as expected, continuing to fall below key support levels. While Bitcoin price struggles to attract buyers, the meme coin market faces challenges with increased liquidation volumes. In addition, large investors’ interest in PEPE has declined recently, which could lead to a significant drop in its price.
Pepecoin whale transactions drop to $48 million
The price of Pepcoin has experienced a large number of liquidations in the past 24 hours, mainly due to a bearish turn in the price chart, which forced longs to close their positions in large quantities. According to data from Coinglass, the total liquidation of Pepcoin is close to $1.51 million, of which buyers liquidated positions worth about $1.3 million.
The cryptocurrency market had a poor start to the week but rebounded mid-week. Bitcoin (BTC) price recovered above $58,000 and Ethereum (ETH) price also surpassed $3,100. However, Pepcoin continued to face bearish pressure due to a lack of support from traders, resulting in a drop in volatility.
The market recovery is partly due to the increased inflows into Bitcoin ETFs and the optimism generated by the upcoming approval of Ethereum ETFs. As the second largest meme coin project on Ethereum, the price of Pepcoin may rise due to the positive momentum of Ethereum ETF. Recent market developments show that Pepcoin investors are preparing for this major event.
On-chain data suggests that whale investors are taking advantage of the stable price to reduce their holdings of Pepecoin, possibly in anticipation of further losses. IntoTheBlock’s chart shows that daily Pepecoin trading volume of more than $100,000 reveals investor activity. Pepecoin’s whale trading volume has fallen to $48.7 million in the past few days, a sharp drop from the peak of $190 million on July 5.
As buying pressure from these large investors weakens, the price of Pepecoin could fall further. In addition, a decrease in the number of whales could erode market confidence.
The future trend of Pepecoin
Pepcoin is currently in a consolidation phase within a downtrend, with the price fluctuating between $0.00001 and the psychological support at $0.0000078. However, the bulls are still struggling to defend these support levels. As of the time of writing, Pepcoin is priced at $0.00000868, down more than 2.1% in the past 24 hours.
The downturn in the moving averages and the relative strength index (RSI) in the negative territory suggest that bears have the upper hand. If the PEPE price suddenly breaks below $0.00000768, the bears are likely to gain strength further and can push the PEPE/USDT pair down to $0.0000041.
On the other hand, the $0.00001 mark is a critical resistance level. A breakout above this barrier could signal the start of a strong recovery. Although the 50-day simple moving average (SMA) at $0.0000136 could pose some resistance, it is expected to be crossed if the upward momentum continues.
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