As a seasoned researcher with years of experience analyzing cryptocurrency markets, I have learned to read between the lines and interpret data based on trends and patterns. The current state of Pepe Coin is concerning, to say the least. The whale-selling spree and increased short positions are reminiscent of a storm brewing on the horizon.
The current Pepe Coin price trend indicates a pessimistic outlook, as major investors (whales) and common traders appear to be bearish towards Pepe Coin. While the overall market is slowly recovering from Bitcoin‘s recent turbulence, which has only decreased by 0.7% today compared to 6.5% on August 28, PEPE‘s price remains close to a key support level. A look at trading patterns suggests that there might be a steep drop if the market conditions persist. Can Pepe Coin’s price hold up under these circumstances?
Whales Offloading Impact on Pepe Coin Price
As a researcher delving into financial data, I’ve noticed an intriguing trend with Pepe Coin. Over the last few days, large holders have been systematically reducing their asset holdings. Particularly on August 28, there was a significant net outflow of approximately 1.16 trillion Pepe Coins, equivalent to around $8.96 million. Interestingly, this day’s Pepe Coin price daily candle indicates a battle between buyers and sellers. The larger upper wick suggests that selling activity was rather aggressive.
According to data from Coinglass regarding exchange transactions for PEPE, we observe a significant influx of approximately $4.19 million entering the market yesterday. This suggests that large investors (whales) may be transferring their cryptocurrency holdings to exchanges. Such a movement might imply they are planning to liquidate their assets, as trading activities usually take place on these platforms.
Moreover, data from the Coinglass Crypto Derivatives Visual Screener (CDVS) indicates a decrease of 4.3% in open interest (OI), while the price rose by 0.14% over the past 24 hours. This trend seems to hint at a state of uncertainty among traders, as they grapple with the decision to exit their short and long positions or maintain their positions within the market.
Despite a slight difference, the Coinglass Liquidation Map suggests there are more Short positions than Long ones, indicating a predominantly bearish outlook among traders and possibly larger investors. This imbalance implies that many expect the value of Pepe Coin to fall even more.
PEPE Could Drop 22% If This Level Doesn’t Hold
As an analyst, I’ve observed a descending trend in PEPE‘s price, which appears to be a consequence of the recent ‘pump’ event that turned out to be a deceptive surge, triggering a swift and significant correction. This has resulted in a 20% decrease in its value.
PEPE might encounter potential resistance near approximately $0.00000700, a level that’s about 10% lower than its current price. But if this resistance doesn’t hold, the price could drop an additional 22%, potentially falling to the lows of August 5 around $0.00000585.
Continued whale activities selling whales and an uptick in short positions are intensifying the market pressure, potentially causing the $0.00000700 support level to weaken or break.
If Pepe Coin’s price recovers from this support level at around $0.00000700, and then continues to rise, it could indicate a strong market sentiment, potentially contradicting the current bearish outlook. The price of PEPE might even soar beyond $0.00000900, reaching new highs for this month.
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2024-08-29 09:40