Recent Market Performance
PEPE was blocked at the key resistance level of $0.00000920, causing its price to fall by about 9.17% in the past 48 hours. This price action shows continued bearish pressure, indicating that the market has little confidence in a breakout of this resistance level.
Market analysis
Recently, PEPE has risen 17.80% in the past three days after establishing bullish momentum. However, after encountering selling pressure at key resistance levels, the price fell back. At present, the short-term outlook for PEPE is still facing challenges, and investors need to pay close attention to market conditions and changes in technical indicators to make appropriate trading decisions.
![](https://public.bnbstatic.com/image/pgc/202407/7e9ba006114ca41b4345b889e665ac33.png)
Resistance level analysis
PEPE has recently experienced a sustained rise, attracting a large number of buyers to push the price higher. However, when the price tried to break through the key resistance level of $0.00000920, it encountered strong resistance, causing the price to fall rapidly. In the past 48 hours, the value of PEPE has fallen by about 9.17%, offsetting the recent gains and re-entering a bearish trend.
This process demonstrates the market’s sensitivity and investor behavioral response around key resistance levels, underscoring the importance of technical analysis when making decisions, especially when determining support and resistance levels.
Technical indicators and bearish signals
According to data provided by AMBCrypto via IntoTheBlock, the current bearish trend and potential downward pressure in the market are evident.
Net network growth rate: shows a bearish trend of 1.08%, indicating that more investors choose to sell rather than buy PEPE, and market sentiment turns pessimistic.
Number of “in-the-price” investors: -0.50%, indicating that most investors’ positions are higher than the current market price, which may increase selling pressure and cause prices to fall further.
Concentration: Showing a slightly bearish trend at -0.07%, the distribution of asset holders is slightly tilted towards the selling side, exacerbating downward pressure on prices.
Large transactions: showing a bearish signal of 0.57%, indicating that large investors are selling PEPE, which may further push prices down.
Liquidation Pressure
As PEPE prices fell, liquidations on derivatives exchanges surged. AMBCrypto's analysis of Coinglass's liquidation heat map data showed that many leveraged long positions were forced to close in the past 24 hours. This wave of liquidations may be one of the reasons for PEPE's further decline, and it also shows that many investors are too optimistic and take too much risk. If prices continue to fall, it may lead to more selling.
![](https://public.bnbstatic.com/image/pgc/202407/c6df45f372e64c67ae548094eb5db240.png)
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Future Outlook
Given the confluence of bearish signals, PEPE could fall further in the coming days. The next key support level to watch is $0.00000720. Investors should closely monitor market dynamics and technical indicators in order to make informed trading decisions.