Pepe coin (PEPE), a relative newcomer in the meme coin sector, has faced difficulties in the current market.
Despite its aim to capitalize on the popularity of the “Pepe the Frog” internet meme, PEPE’s performance has been lackluster compared to other digital assets.
As of press time, PEPE is priced at $0.059152 with a 24-hour trading volume of $1,043,987,101. This represents a 1.79% decline over the past 24 hours and a 14.14% decline over the past week.
Source: CoinMarketCap
PEPE’s market capitalization has dropped to $3.9 billion. Additionally, 31% of its daily trading volume has disappeared, contributing to the coin’s declining momentum. This drop indicates a bearish trend, as evidenced by various technical indicators.
Whale Activity and Market Movements
Significant movements by major stakeholders, or “whales,” have further impacted PEPE’s price. Data from Arkham Intelligence shows that the whale address 0x2da staked 2 trillion PEPE, worth $18.42 million, into the blockchain project Sophon. This whale had accumulated these tokens for $2.33 million last year, resulting in an unrealized profit of $16.09 million. The decision to stake instead of selling has attracted considerable attention within the crypto community.
Simultaneously, Whale Alert highlighted a massive transfer of 9 trillion PEPE, valued at $82.17 million, to Bybit. The address 0x88a14933 was recorded to have made this significant transaction. Such large-scale movements by whale addresses often lead to increased volatility and uncertainty in the market.
9,000,000,000,000 #PEPE (83,250,000 USD) transferred from #Bybit to unknown wallethttps://t.co/owiqZqhmQv
— Whale Alert (@whale_alert) July 9, 2024
PEPE Technical Analysis
The pitchfork tool suggests a downward channel, indicating a bearish trend in the short term. The current price is near the lower boundary of the pitchfork, suggesting potential support around this level. However, the overall trend remains downward.
The Woodies CCI (Commodity Channel Index) oscillates between -60.85 and 20.24. The current CCI value of 20.24 suggests a weak trend, with no indication of a reversal.
At press time, the RSI (Relative Strength Index) is 41.74, with a recent close at 39.67. This suggests the market is slightly bearish but not oversold, indicating room for potential downward movement before hitting the oversold threshold.
PEPE 1-day price chart (Source: TradingView)
Moreover, the MACD (Moving Average Convergence Divergence) lines are in negative territory, with the MACD line at -0.00000018 and the Signal line at -0.00000067. The negative histogram value of -0.00000085 confirms the bearish momentum, although it shows signs that this pressure might be easing.
Meanwhile, traders are advised to look for signs of support around the current price level for potential short-term buying opportunities. However, it is crucial to await further confirmation of a trend reversal before entering long positions. If the price breaks below the pitchfork’s lower boundary, it could signal further downside.
The post Pepe Price Prediction July 2024: Is PEPE Losing Ground? Drops 14% in a Week Amid Market Winter appeared first on Coinfomania.
