Key Points:
- Support Level at Risk: Pepe Coin needs to stay above $0.00000700 to avoid a 22% drop.
- Whales Are Selling: Big investors are moving PEPE to exchanges, likely to sell.
- Bearish Market Mood: Traders expect the price to fall further, with more short positions opening.
Pepe Coin (PEPE) is in a tough spot. Its price is near a critical support level of $0.00000700. If the price falls below this level, it could drop another 22%, reaching $0.00000585. The next few days are crucial for Pepe Coin as traders and investors watch closely.
Whales Are Selling Off Pepe Coin
Big investors, known as whales, are selling their Pepe Coin. On August 28, 1.16 trillion PEPE, worth about $8.96 million, was moved out of whale wallets. This suggests that these large holders are losing confidence and may be preparing to sell more.
In addition, $4.19 million worth of PEPE was recently moved to exchanges. When whales move their coins to exchanges, it often means they are getting ready to sell. Selling on exchanges can push the price down, especially when the market is already weak.
These actions from large investors are not a good sign for Pepe Coin. If they continue to sell, the price might break below the $0.00000700 support level, leading to a significant drop.
Traders Expect a Drop in Price
Most traders are betting that Pepe Coin’s price will go down. More traders are opening short positions, which means they believe the price will fall. The Coinglass Liquidation Map shows more short positions than long ones, indicating a strong belief that the price will drop.
Open interest, which shows how many active contracts are in the market, dropped by 4.3% in the last 24 hours. Usually, when open interest drops along with the price, it means traders are closing their positions because they expect the price to fall further.
This negative sentiment suggests that Pepe Coin could face more pressure. If the price falls below $0.00000700, it could drop quickly to $0.00000585, marking a 22% decrease from its current level.
Can Pepe Coin Hold Its Ground?
Despite the negative outlook, there is still a chance for Pepe Coin to recover if it can stay above $0.00000700. If the price holds at this level and starts to rise, it could signal strength and lead to a recovery. The price might even go up to $0.00000900 or higher.
For this to happen, the market needs to see some positive changes. Whales need to stop selling, and traders need to start betting on the price going up. If this happens, Pepe Coin could bounce back strongly.
However, if the price drops below $0.00000700, it could fall quickly to $0.00000585. This would be a new low for Pepe Coin and could cause even more selling as confidence drops.
Looking Forward
Pepe Coin is at a crucial moment. The next few days will show whether it can stay above the important support level of $0.00000700 or if it will drop further. Whales selling and traders’ negative outlook suggest a possible drop, but there is still hope for a recovery if the support holds. Investors should watch closely to see what happens next.
