Popular memecoin PEPE has been experiencing significant price fluctuations in recent days. After a promising rise, the token hit a critical resistance level, leading to a dramatic price drop. On-chain metrics and liquidation data show continued downward trends for PEPE.
PEPE, which has increased by 17.80% in recent days, encountered a significant obstacle at the $0.00000920 resistance level. Failure to surpass this level resulted in a sharp decline of 9.17% in just 48 hours, and the token lost its gains and entered a bearish path.
Analysis of on-chain metrics reveals a negative picture for PEPE. The Net Network Growth metric showed a bearish trend of 1.08%, while the proportion of investors "in profit" decreased by 0.50%. Concentration levels recorded a slight decrease of 0.07% and major transactions followed a similar trend with a bearish signal of 0.57%. When these indicators come together, they increase the possibility that PEPE will experience downward pressure in the coming period.
The recent price drop in PEPE has led to an increase in liquidations on derivative exchanges. According to Coinglass data, there has been a significant increase in forced closings of leveraged long positions in the last 24 hours. The increase in these liquidations shows that overly optimistic investors are taking significant risks. If the price continues to fall, additional selling may be triggered.
Another worrying factor for PEPE is weakening sentiment among investors. Santiment data reveals a sharp decline in the number of active addresses in recent weeks. This makes it difficult to recover without new buying pressure, and given current market sentiment, the most likely direction seems to be down.
The combination of technical rejections at resistance levels, bearish on-chain metrics, increased liquidation volumes, and declining market sentiment leaves PEPE facing significant challenges. The current focus should be on the $0.00000720 support level. If this level fails to hold, the token could retest the lows around $0.00000650. PEPE will need to reclaim and hold the $0.00000920 resistance level to switch to a bullish outlook. It is important for investors to follow these critical levels carefully.
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