Pepe Coin Faces Bearish Pressure: Whales and Retail Traders Signal Bearish Outlook

Pepe Coin Faces Bearish Pressure as Major Holders Exit Positions: What’s Next?

Whales and retail traders have been pessimistic about Pepe Coin, suggesting a dismal outlook for the cryptocurrency. With the price of PEPE just above significant support, a potential fall if market conditions stay the same is indicated by an analysis of traders’ activity.

Large Pepe Coin holders have been gradually dumping their holdings over the last several days, according to an examination of data from IntoTheBlock. Their wallets saw a net outflow of 1.16 trillion ($8.96 million) on August 28. This August 28 Pepe coin price daily candle, coincidentally, depicts a conflict between buyers and sellers. Aggressive selling is indicated by a larger upper wick.

Pepe Coin’s Future Uncertain: Will $0.00000700 Support Hold Amid Whale Sales?

A net positive influx of PEPE totaling $4.19 million was observed yesterday, according to Coinglass’s exchange flows data. This suggests that cryptocurrency assets held by whales are being transferred into exchanges. Furthermore, open interest (OI) decreased by 4.3%, although the price rose by 0.14% over the previous day, according to the Coinglass Crypto Derivatives Visual Screener (CDVS). This shows that traders are unsure of themselves and unsure of whether to exit the market or keep holding their long and short positions.

The Coinglass Liquidation Map displays a slight but noticeable difference between the number of Long and Short positions. As a fair portion of traders believe the price of Pepe may decline much more, this imbalance suggests that a pessimistic attitude is dominating the market.

• PEPE’s value has dropped 20%, and it is currently heading down after a recent pump that turned out to be a fake-out.
• A 10% decrease from the current value of PEPE, or $0.00000700, may provide support.
• There’s increased pressure on the $0.00000700 support level, increasing the likelihood that it won’t hold due to the continued whale-selling frenzy and growth in short holdings.
• It may indicate market strength and refute the present negative thesis if Pepe Coin’s price bounces off this support, holds at $0.00000700, and then rises.

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