Pepe (PEPE) Could See Further 30% Decline, Here’s Why
Today, on August 5, 2024, the overall cryptocurrency market experienced a notable decline of over 18% in the last 24 hours. Amid this crash, Pepe (PEPE) the world’s third-biggest meme coin hit hard as it experienced a significant price decline of over 27% in the last 24 hours.
PEPE traders liquidate $9.4 million
Following this massive price decline, traders and investors have experienced a notable liquidation of over $9.4 million during the same period. Of this amount, $6.03 million was liquidated from long positions, while $3.33 million was liquidated from short positions.
Technical analysis and future outlook
At press time, PEPE has experienced a breakdown of a crucial support level of $0.0000061. According to expert technical analysis, despite this breakdown, the closing price of PEPE’s daily candle will be crucial in determining its upcoming levels.
If PEPE closes a daily candle below the $0.0000061 support level, there is a high chance it could fall another 30%, to its next support level near the $0.0000043 level. However, if the daily candle closes above this support level, there is a high possibility that PEPE could soar by 25% in the coming days.
However, in the current situation, PEPE is extremely bearish as it is trading below the 200 Exponential Moving Average (EMA) on a daily time frame. That suggests bearishness on the higher time frame. At the same time, another technical indicator Relative Strength Index (RSI) suggests price reversal, as it is in the oversold zone.
PEPE price analysis
Apart from this analysis, PEPE is trading near the $0.0000063 level and has experienced a price decline of over 27% in the last 24 hours. Meanwhile, its trading volume has skyrocketed by 190%, suggesting a higher level of participation from traders and investors.
Amid this selling pressure, some investors view this as an opportunity to buy the dip. Recently, an investor made a post on X (previously Twitter) that a wallet address “0xf3ab” withdrew a decent amount of PEPE tokens from Binance. This single information hints, that bulls may be taking advantage of this market fall.
