Pepe cryptocurrency hovering precariously on the brink of collapse due to emergence of risky trends
In recent developments, the popular meme cryptocurrency, Pepe, has been experiencing a significant bearish breakdown. This downturn can be attributed to a combination of broader market pressures, failed attempts to hold key technical support levels, and cautious trader sentiment.
The correction across the crypto markets, triggered by the declining prices of larger cryptocurrencies like Bitcoin and Ethereum, has had a noticeable impact on Pepe. For instance, Bitcoin's recent crash caused Pepe's price to drop by over 5% in 24 hours and approximately 10% over one week.
One of the critical support levels that Pepe has failed to sustain is near $0.00001060. Repeated breakdown attempts have pushed Pepe towards its 200-day moving average at roughly $0.00001003. Breaching this could potentially open further downside risk.
Technical indicators and sentiment point towards a bearish trend for Pepe, with predictions of a potential 25% decline by late September 2025. The Fear & Greed Index currently stands at a neutral 47, but Pepe has recorded less than half green days recently (43%) and moderate price volatility, indicating a lack of strong buying momentum.
The low volume and cautious trading patterns suggest weak market conviction despite some consolidation and potential flag patterns. Weekly volume dropped by 17%, and traders fear a rejection near all-time highs around $0.000012, which could lead to retesting support.
Whale activity is mixed, with the top 100 wallets slightly increasing their holdings and exchange balances dropping (a potential bullish sign). However, derivatives data reveals a seller dominance, indicated by a sell ratio near 0.937, reflecting ongoing short-term volatility risks.
Despite some whale accumulation, Pepe Coin's bearish breakdown is primarily driven by macro crypto market weakness, technical support failures, and neutral to bearish trader sentiment. The overall market conditions remain speculative and volatile.
Additionally, the futures open interest for Pepe has decreased from $992 million in July to $642 million, and the whale holdings of Pepe Coin have remained at 8.34 trillion since August 14.
[1] CoinMarketCap. (2021). Pepe Price Chart. [Online]. Available: https://coinmarketcap.com/currencies/pepe/
[2] CoinGecko. (2021). Pepe Price Chart. [Online]. Available: https://www.coingecko.com/en/coins/pepe
[3] Investing.com. (2021). Pepe Coin Price Prediction. [Online]. Available: https://www.investing.com/crypto/pepe/analysis
[4] Santiment. (2021). Pepe Coin Market Sentiment. [Online]. Available: https://santiment.net/market-sentiment/crypto/PEPE
[5] Glassnode. (2021). Pepe Coin Network Growth. [Online]. Available: https://glassnode.io/charts/pepe-coin-network-growth-percentile
Read also:
- Deepwater Horizon Oil Spill: BP Faces Record-Breaking Settlement - Dubbed 'Largest Environmental Fine Ever Imposed'
- Lawsuit of Phenomenal Magnitude: FIFA under threat due to Diarra's verdict, accused of player injustice
- Expansion of railway systems, implementation of catenary systems, and combating fires: SNCF adapting to the summer heatwave
- Citizen Thekla Walker, Minister, advises: "Let's focus on our own homes first"
