- PEPE was rejected at $0.00000920 resistance, sparking a 9.17% drop in 48 hours.
Metrics and liquidation data pointed to continued bearish pressure.
As an analyst with experience in cryptocurrency market analysis, I believe that the recent price action for PEPE is bearish based on the information provided. The rejection at the key resistance level of $0.0000092 and subsequent 9.17% decline over 48 hours indicates a lack of buying pressure and continued bearish pressure on the token.
Recent price action for popular memecoin PEPE suggested further downside ahead.
Following a strong rally that saw a gain of 17.80% over the past three days, PEPE encountered resistance and failed to advance beyond the significant price mark of $0.0000092.
At present, PEPE has experienced a significant drop of approximately 9.17% over the past two days. AMBCrypto delved further into the recent happenings and assessed their potential impact on PEPE’s near-term prospects.
Resistance proves too strong
As a crypto investor, I’ve noticed an uptrend in PEPE lately, with its price steadily climbing higher. But my optimism was met with a setback when the token encountered a significant resistance level at $0.00000920. Despite buyers’ persistent efforts to push it past this barrier, PEPE seemed unable to breach it, leaving me and other investors in limbo.
This key price point proved too difficult to breach, resulting in a rejection.
After the unsuccessful breakout attempt, I observed a significant decrease in PEPE‘s price. Within the past 48 hours, this token lost 9.17% of its value. Consequently, the recent progress was reversed and the bearish trend resumed.
The price drop for PEPE following its rejection at the significant resistance level aligned closely with pessimistic on-chain indicators detected by AMBCrypto using IntoTheBlock’s analytics. The majority of these signs pointed towards a bearish trend.
Significantly, the Net Network Growth showed a decline of 1.08%, and the number of profitable investors stood at -0.50% – an indicator of a bearish market trend.
The concentration levels showed a slight decrease, dippling to -0.07%, while significant trades indicated a bearish trend with a value of 0.57%.
Based on the interconnected decrease in various indicators, there is a strong possibility for further declines in the near term.
PEPE liquidations heating up
As PEPE’s price dropped, there was a surge in liquidations on derivatives exchanges.
As an analyst examining the data from Coinglass, I’ve discovered that numerous forced closure events occurred for leveraged long positions within the past 24 hours, according to AMBCrypto’s analysis of the liquidation heatmap.
As an analyst, I’ve observed that this recent round of liquidations could potentially be contributing to the continued dips in PEPE‘s price. This wave of selling pressure suggests that some investors held overly optimistic views and took on excessive risk.
If the price keeps falling, this could lead to more selling signals.
Sentiment cooling off
PEPE’s price decrease mirrored waning enthusiasm among its owners. Significantly, data from Santiment revealed a substantial decline in network participation in the last few weeks.
The waning enthusiasm and participation might pose a challenge for PEPE to bounce back in the near future. In the absence of increased purchasing activity, it seems that the trend is pointing downwards.
What’s next for PEPE?
With various indicators pointing towards a bearish trend, it seems likely that PEPE will experience additional decreases in its value in the upcoming days. Keep an eye on the significant support level at $0.00000720.
Read Pepe’s [PEPE] Price Prediction 2024-25
If this support fails to hold, PEPE could revisit its recent lows around $0.00000650.
To have any hope for a bullish turnaround, PEPE must regain the $0.00000920 resistance point it previously failed to surpass.
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2024-07-13 11:03