The cryptomarkt has a hard time getting a positive movement and meme coins suffer special. This ensured that the price of Pepe stabilized for a longer period within a bearish region. Chain statistics also indicate a possible decrease of 20% in value because buyers could not overcome the resistance levels.
Pepe’s volatility is confronted with a steady decline
The Meme-coin Pepe (Pepe) with frog theme experienced a serious drop in the past month. After reaching a highlight of $ 0.000028, its value fell by 45% in just 30 days.
This competitive price has led to traders reducing their investments in it quickly, comparable to their actions with other assets in the market. Data from Coinglass shows that Pepe witnessed a total liquidation of around $ 1.6 million. Of these, buyers closed nearly $ 1.1 million long positions.
Glassnode, a platform for chains analyzes, reports that Pepe has undergone considerable delevering, with a steep decrease in futures open interest in previous highlights in the Meme Coin market.
There is a recurring trend in which open interest rates fall after periods of high demand in Meme coins. This decrease not only emphasizes a decrease in leverage, but also points to a changing position in relation to meme coins.
For example, Pepe’s price fell by 45% this month and the open interest of the futures has fallen dramatically by 75%, from $ 1.25 billion to $ 249 million. According to data from Intotheblock, a decrease in the volatility of the price of Pepe has fallen from a peak of 132.5% to 113.4% in the past week. This decrease in volatility can keep Pepe in Bearish territory, making it a challenge for the meme -Munt to surpass the $ 0.00001 marking.
On another note, the involvement of whales in Pepe has recently seen a remarkable increase. The number of large transactions escalated from a low of 105 transactions to a peak of 289 transactions last week. This increase in whale activity, although the price of Pepe consolidates, can clear the road for a possible outbreak, either up or down.
What is the next step for Pepe Price?
Meme Coin enthusiasts find it a challenge to stimulate the price of Pepe above the advancing averages, which indicates a fall -off question at higher prices. Pepe Price is currently struggling under $ 0.00001 as Beararish rises above that level. From writing, Pepe Price acts at $ 0.00000929, with more than 0.8% in the last 24 hours.
On the other hand, if the price falls below $ 0.000008, bears can get control, which means that the Pepe/USDT pair may be sent to the crucial level of support of $ 0.0000059. Buyers will probably protect this level aggressively, because a violation and close to intense long liquidation would activate intensively below.
However, if the price is back from $ 0.000008 or above $ 0.00001 from the current position, this would indicate a comeback from Bullish Momentum. This could send the pair to $ 0.0000111 and possibly extend profit to $ 0.000015.
Credit : coinpedia.org
