Pepe (PEPE) has seen its buying and selling quantity collapse in latest days, because the third-largest meme coin by market cap struggles beneath sustained bearish stress.
This sharp cooldown provides weight to a bearish PEPE value prediction, however the true query is, how a lot additional might it fall?
Information from CoinMarketCap reveals that $2.2 billion value of PEPE exchanged fingers on July 18 as the worth rose above $0.00001400. Lower than a month later, solely $400 million value of the token was traded.
As of yesterday, PEPE’s buying and selling volumes closed at $600 million, that means a 73% drop in comparison with that mid-July peak.
Open curiosity in PEPE’s futures has skilled a dramatic drop as nicely. After hitting a document of $1 billion traded on July 22, the meme coin’s OI has now dropped to $590 million.
Up to now 7 days, this meme coin has dropped by 7.95% whereas its 30-day good points sit at simply 2.8%.
Regardless of the drop, PEPE has nonetheless managed to take care of a $2 billion distance from Pudgy Penguins (PENGU) on the third spot within the meme coin class and it’s unlikely that the latter will flip it anytime quickly.
Pepe Worth Prediction: PEPE May Drop to $0.0000090 as Unfavourable Momentum Accelerates
Trying on the 4-hour chart, PEPE has bounced off the $0.000010 stage just lately. It has apparently made a double-bottom however this sample has not been confirmed but.
For that to occur, the worth must rise above $0.000011. This bounce might push PEPE to retest the closest space of resistance at $0.00001175.
Nevertheless, the dominant pattern is bearish, so there’s no proof that helps a bullish PEPE value prediction even when the worth recovers to this stage.
A break beneath $0.000010 will favor a bearish PEPE value prediction with a primary goal set at round $0.0000090. Though a transfer to $0 is very unlikely, destructive momentum dominates the worth motion on the time and will push this meme coin to its late-June lows.
With a lot of the market pulling again, long-term buyers face a alternative — sit tight or make the most of discounted costs.
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