What’s Next for Pepe Price?
The crypto market is hard to get positive action, and meme coins are especially painful. This has led to the long-term stability of Pepe’s price in the bearish area. Additionally, chain volume metrics indicate that value may drop by 20% as buyers cannot overcome resistance levels.
Pepe’s fluctuations face a steady decline
The frog-themed meme coin Pepe (Pepe) has experienced a serious decline in the past month. After reaching a high price of $0.000028, its value dropped 45% in just 30 days.
The sharp drop in prices has caused traders to rapidly reduce their investments in their investments, similar to their actions on other assets in the market. Data from Coinglass shows that Pepe witnessed a total liquidation of about $1.6 million. Among them, the buyer ended nearly $1.1 million in positions.
Glassnode, a platform for chain analysis, reported that Pepe has experienced a lot of deleveraging, while futures open interest at previous highs in Meme Coin Market has dropped sharply.
A common trend is that open interest declines after periods of high demand for meme coins. This decline not only highlights the reduction in leverage, but also indicates a changing attitude towards meme coins.
For example, Pepe’s price fell 45% this month, with its futures open interest falling sharply by 75%, from $1.25 billion to $249 million. According to Intotheblock, the volatility of Pepe prices fell, down from a maximum of 132.5% to 113.4% last week. The decline in volatility could put Pepe in bearish territory, which puts Meme Coin above the $0.00001 mark challenge.
On the other hand, whales have recently increased significantly in PEPE. The number of large trades has been upgraded from the low of 105 trades to 289 trades last week. This increase in whale activity, while the price of Pepe is solid, may pave the way for potential breakthroughs, whether up or down.
What’s next for Pepe Price?
Meme coin lovers find it a challenge to push PEPE’s price toward the moving average, indicating a growing demand. Currently, Pepe Price is struggling to fall below $0.00001, while bearish dominance is above that level. As of this writing, Pepe Price is trading at $0.00000929, up 0.8% over the past 24 hours.
On the downside, if the price is below $0.000008, the bear may gain control, which may reduce the Pepe/USDT to a crucial $0.0000059. Buyers may actively protect this level as violations and closing below will trigger a large amount of liquidation.
However, if the price rebounds from $0.00008 or breaks above $0.00001 from the current position, it indicates a comeback in Bullish momentum. This may send the pair to $0.0000111 and may extend the gain to $0.000015.
