PEPE Loses Momentum: Bearish Trend Just Getting Started?
Pepe is having trouble holding above the $0.00001037 support level on the daily chart. PEPE has had its lowest trading price in the last 30 days following an intraday dip to $0.00001024. This is a result of growing pressure from overhead selling, which has caused a 20% drop in the last six days. A daily closing below the psychological $0.000010 level might push the correction to the $0.0000090 support zone, which previously served as important resistance, as market sentiment becomes more pessimistic.
PEPE Whale Activity Surges: Is a Major Dump Incoming?
The amount of large transactions (above $100,000) has dramatically grown during the last 30 days, according to data from IntoTheBlock. Compared to the comparatively quiet period between February and April, the volume of these transactions has increased since early May.
Generally speaking, an increase in significant transactions may signal the beginning of a top or bottom cycle. The increase in huge transactions can indicate possible Pepe whale sell-offs, given the increased selling pressure. Therefore, the argument for a higher downside risk in the meme coin with a frog theme is supported by the on-chain statistics.
Bearish Pressure Mounts as PEPE’s Long-to-Short Ratio Drops Below 1
Additionally, PEPE’s open interest has decreased by 5.70%, to $483.09 million, according to CoinGlass statistics. Long positions saw $2.28 million in liquidations over the past day, while short positions saw only $486,000. The bearish sentiment has been strengthened by this imbalance, which has caused the long-to-short ratio to drop to 0.9384. The market for PEPE derivatives indicates that traders are generally preparing for a big correction.
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