Pepe Coin Price Prediction: Low open interest signals investor warning
Pepe currency price analysis
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Throughout the week, Pepe Coin has seen low volatility in an attempt to stay above the psychological level of $0.00001. Despite supply pressure from the broader market.
However, the near-term trend in Pepe remains bearish as new higher and lower lows continue to develop. The downward path is led by a binary slope trend line indicating the formation of a flag pattern.
This chart pattern is known to trigger a temporary downtrend and renew exhausted upward momentum for the next jump
From the recent peak of $0.00001725. The price of the coin has fallen by 34% to currently trade at $0.000011, while the market cap has fallen to $4.72 billion. Despite the 5% intraday jump, PEPE price saw a 6.7% decline in trading volume. Which indicates a lack of interest
Likewise, open interest in Pepe has declined significantly. Coinglass recorded a decline from $189.51 million in late May to $107 million now. This represents a decrease of approximately 43.5%. Note that this significant decrease in open interest indicates a decline in trader commitment or liquidity in the market for Pepe.