Connect with us

Pepe Coin Price

Pepe Coin Price Risks Losing Major Support As Key Indicator Drops to Weekly Low

Published

2 months ago

on


Pepe coin price faces significant challenges as it hovers on the brink of losing a crucial support level. PEPE shows signs of vulnerability as a key technical indicator drops to its lowest point in a week. This decline raises concerns about its ability to maintain its current price levels, potentially signaling a further downturn if the support fails to hold. 

This comes as Bitcoin price lost its crucial $60,000 support. Concurrently, the PEPE price dropped 10.4% in the last 24 hours, while the entire crypto market lost 6.7% of its value in the same duration. Pepe coin profitability is down, but significant whale activity on the last day suggests that whales might be bagging more tokens at a discount. Where is the price of PEPE headed next?

Why is Pepe Coin Price Down?

The price of Pepe Coin (PEPE) took a hit early Wednesday morning, mirroring a broader market decline triggered by Bitcoin dropping below its critical $60,000 support level. Between August 26 and 27, BTC price saw a 3.4% decrease after losing the $63,500 support that had held steady for two days. This downturn can result from a worsening macroeconomic outlook and a dip in activity on the Bitcoin network, subsequently impacting altcoins like PEPE.

Despite this, large investors continue to show confidence in the market’s long-term potential. Notably, BlackRock purchased an additional 3,500 BTC today, taking advantage of the dip. This accumulation suggests that institutional players remain bullish, even as the market experiences short-term volatility.

As Pepe coin price approaches a crucial support level, on-chain metrics provide a glimmer of hope, indicating that the asset might still have room for recovery.

PEPE Daily Profit Ratio Hits a Weekly Low

According to data from Santiment, the drop in the price of PEPE may have resulted in a reduced daily profit ratio for the asset as it dropped to 0.34, its lowest since August 23.

daily profit ratiodaily profit ratio

For every Pepe Coin transaction closed in a loss, only 0.34 transactions were closed in profit, indicating that most PEPE transactions in the last eight hours resulted in losses.

This is supported by the Coinglass Crypto Derivatives Visual Screener, which shows that traders are opening more short positions on Pepe Coin.

MVRV Signals Pepe Coin Price is Underbought

Despite the drop in profitability, there was a sharp spike in trading activity on August 28, which came right after the sharp decline in the price of PEPE. The spike is the largest since August 24. During this recent spike, 2844 active addresses transacted over 1.07 trillion PEPE. In the same duration, there were 16 whale transactions of $100,000 or more and one transaction of $1 million or more.

PEPE whale transactionsPEPE whale transactions

Immediately after the spike around midnight UTC, the Pepe coin price began slowly rising. This suggests both whales and retail traders may have taken advantage of the dip to bag more tokens.

Additionally, the 30-day and 365-day Market Value to Realized Value (MVRV) ratio fell into the oversold zone, signaling Pepe Coin was becoming undervalued and due for a rebound soon.

MVRVMVRV

The next major support level for the PEPE price is around $0.00000700. If it fails to hold above that, the meme coin may drop lower to $0.00000600. Pepe Coin price trends inside a range after sporting a fake out on August 24.

If the Pepe coin price bounces from the $0.00000700 level, it may retest the upper boundary of the range around $0.00000900, which, if broken, could result in a 43% surge in price to $0.00001280.

Frequently Asked Questions (FAQs)

The next major support level for PEPE is around $0.00000700. If the price fails to hold above this level, it could drop further to $0.00000600.

Investors should keep an eye on whether PEPE can hold above the $0.00000700 support level and monitor the MVRV ratios for signs of undervaluation.

Yes, despite the recent drop, on-chain metrics suggest a potential recovery. Significant whale activity shows large investors buying discounted PEPE tokens, while the 30-day and 365-day MVRV ratios indicate PEPE may be undervalued, signaling a possible rebound soon.

Related Articles

✓ Share:

Evans Karanja

Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Related Topics:
Continue Reading

Pepe Coin

Pepe Coin Price Risks Sell-Off As Death Cross Looms Ahead of NFP Report

Published

2 months ago

on

September 6, 2024

By


Pepe coin price slid further in the last 24 hours as Bitcoin price dropped once more below $56,000. This happens against the backdrop of the highly anticipated Non–Farm Payrolls (NFP) report to be released on Friday, September 6, at 8:30 ET. The price of PEPE hangs at a dangerous position at a historic support level, risking a 26% drop if the data underperforms expectations. 

Non–Farm Payrolls Impact on Pepe Coin Price

The U.S. Non–Farm Payrolls (NFP) report provides valuable insights into the health of the economy by shedding more light on the U.S. job market. Market analysts and economists anticipate the report showing that the U.S. created 130,000 to 200,000 new jobs, with a net average of around 164,000 new jobs over August. In contrast, the July Jobs report came in at 114,000, lower than 206,000 in June. 

U.S. Non–Farm Payrolls (NFP REPORT)U.S. Non–Farm Payrolls (NFP REPORT)
U.S. Non–Farm Payrolls

If tomorrow’s NFP report comes in lower than the expected 164,000 or the unemployment rate remains elevated, the Fed will focus more on reducing unemployment and creating more jobs and resort to a 50 bp rate cut that is bearish since it may suppress economic growth and increase unemployment.

Bitcoin price often reacts to NFP data, and depending on how tomorrow’s report goes, the price of BTC may rise or drop lower. If it tanks, Pepe coin price may break below a key support level that could sink it 26% lower.

Escalating Death Cross Risks

Pepe coin price continues to trend lower as sell pressure overwhelms the entire market. The price of PEPE dropped by 3.2% over the last 24 hours to trade at $0.00000709. This price also coincides with the bottom of a range the meme coin has been in for the last 33 days.

If the PEPE price breaks below this support level, it may drop 26% lower to $0.00000520, a new yearly low following the August 5 crash. Additionally, the 50-day Exponential Moving Average (EMA) is approaching the 200-day EMA from the top, which is a classic sign of an impending Death Cross. 

If this indicator completes forming, it may signal a prolonged downward movement for PEPE price. 

Pepe coin price analysis chart Pepe coin price analysis chart
Pepe coin price analysis chart

On the other hand, if tomorrow’s NFP report meets expectations, the Bitcoin price could rally, boosting the entire market. In this scenario, Pepe Coin price may avoid the looming bearish signal and surge 27% to $0.00000900. This move would push the asset above both EMAs, shifting the outlook from bearish to bullish.

Ultimately, the PEPE price is closely tied to the Ethereum price and, by extension, the Bitcoin price. Tomorrow’s report will likely determine the direction for Pepe Coin and the broader crypto market.

Frequently Asked Questions (FAQs)

The NFP report provides insights into the U.S. job market, influencing market trends, including cryptocurrency prices.

A Death Cross occurs when the 50-day EMA crosses below the 200-day EMA, signaling potential prolonged downward price movement.

If the NFP report meets expectations and Bitcoin rallies, Pepe Coin could rise 27%, shifting its outlook from bearish to bullish.

Related Articles

✓ Share:

Evans Karanja

Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

24/7 Cryptocurrency News

Pepe Coin Whale Bags 9 Tln Coins, PEPE Price Breakout Ahead?

Published

2 months ago

on

September 4, 2024

By


A recent Pepe Coin whale transaction has caught the eyes of investors today, with the PEPE price rising around 1% during writing. According to reports, a whale has purchased a massive amount of the crypto, signaling increasing confidence toward the leading meme coin. This move has sparked speculations over a potential breakout for the crypto, considering the growing market interest.

Pepe Coin Whale Buys 9 Trillion Coins

The leading on-chain transaction tracking platform, Whale Alert reported that an unknown whale moved 9 trillion PEPE from Bybit, one of the top crypto exchanges. The wallet address “0x88a…3Ade3” conducts the transaction, valued at over $64.55 million, showcasing robust confidence in the meme coin.

This substantial accumulation has caught the eyes of crypto market enthusiasts, fueling speculations over a potential price breakout. In addition, the bold move by the whale suggests growing optimism in the market, with many seeing it as a sign of renewed investors’ confidence in the leading meme coin’s potential.

Meanwhile, with this massive move, market analysts are keeping a close watch on the crypto’s price action. In addition, a flurry of market watchers are considering this significant whale move as a catalyst for a potential price breakout.

PEPE Price Breakout Ahead?

The sentiment on the leading meme coin appears to have faded lately, especially since May end of this year, when the crypto touched an all-time high of $0.00001718. In addition, the latest volatile scenario in the broader financial sector as well as in the crypto market also weighed on the meme coin’s performance.

As of writing, the PEPE price was up 0.93% to $0.000007298, with its trading volume soaring 45% to $521.55 million. Over the last 24 hours, the crypto has touched a high of $0.000007512 and a low of $0.000006896, indicating a highly volatile trading scenario. Besides, CoinGlass data showed that crypto’s Futures Open Interest dropped 6.46% to $81.14 million, indicating a still-bearish sentiment hovering in the market.

However, the latest Pepe Coin price analysis showed that recently a bullish signal flashed on the crypto’s weekly chart, which could trigger a rally of 260% in its price. In addition, it also showed that the last time the signal was spotted, the leading meme coin had rocketed 1600% in 98 days. Notably, according to the analysis, the meme coin could rally to a new high of $0.00001872 if it breaks a key resistance.

✓ Share:

Rupam Roy

Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Pepe Coin Price

Pepe Coin Price Flashes a Bullish Signal with 68% Upside Potential

Published

3 months ago

on

August 22, 2024

By


Pepe Coin price has not been as bullish as other top-ranking cryptocurrencies because, from analysis of investor behavior, the market is divided between bearish traders and bullish long-term investors. While Pepe secured a free listing in the upcoming Hong Kong-based HashKey exchange, the asset is struggling under heavy resistance. The price of PEPE hovered around $0.00000785 during the London trading session, a 1.3% uptick in price over the last 24 hours.

Whales vs Traders – Where Will Pepe Coin Price Follow?

The current stagnation in Pepe Coin price stems from a struggle between large holders and retail traders. While whales are accumulating PEPE and anticipating a price rise, retail traders seem to be bearish on the asset, as data from Coinglass shows.

The PEPE Crypto Derivatives Visualizer shows that traders are closing their Short positions in profit since the open interest (OI) dropped while the price increased. Usually, when Shorts close, they tend to open Long positions, but a second metric suggests this may not be true.

PEPECOIN open interestPEPECOIN open interest
PEPE COIN Open Interest

A side-by-side comparison of the OI and cumulative volume delta (CVD) shows that both are dropping. When this happens, it signifies that long positions are being closed. This means that although Shorts are closing in profit, no new Long positions are opening, which can be a bearish indicator for the PEPE.

pepe cvdpepe cvd

Conversely, PEPE large holders remain strong in their resolve to accumulate the meme coin. Data from Santiment shows an increase in whale activity over the last 48 hours. The red spikes show increased transactions from whales with more than $5 million worth of PEPE, while yellow spikes represent $100,000 net-worth whales. The blue rising histogram represents the active addresses, which have increased over the last 24 hours, signaling new users have entered the PEPE fold.

pepe metricspepe metrics

The whales and new users are on to something, as the Pepe Coin price chart hints at the possibility of a 68% surge in price in the future.

PEPE Needs to Beat $0.00000835 to Turn Bullish

The Pepe Coin price chart shows the asset is in a descending wedge pattern, generally considered a bullish reversal signal, especially if the price breaks above the wedge’s resistance. 

The price of Pepe coin is currently experiencing resistance at $0.00000836 near the 200 EMA. If it breaks above that, PEPE price may complete a double bottom reversal pattern that catapults it 68% to $0.00001200, which would also double as a breakout and potentially set up the price for further gains to $0.00001800.

The extremely overbought Stochastic RSI at 95.50 suggests that the price may face short-term selling pressure or a potential pullback before moving higher. This may explain why traders are shying away from the meme coin. However, during strong uptrends, overbought conditions can persist for extended periods.

Pepe coin price analysis chart (2)Pepe coin price analysis chart (2)
Pepe coin price analysis chart

If the PEPE fails to break and hold above the 200 EMA, it may drop further downward to $0.00000700 and potentially even lower below the falling wedge at $0.00000477. This would invalidate the current bullish thesis and render PEPE bearish.

Frequently Asked Questions (FAQs)

Data shows an increase in whale activity and new active addresses, indicating that larger investors and new users are entering the market, which could be a bullish sign for Pepe Coin.

The upcoming listing of Pepe Coin on the Hong Kong-based HashKey exchange is seen as a positive development, potentially increasing visibility and trading volume.

Yes, traders booking profits could temporarily slow down Pepe Coin rise, especially if selling pressure increases.

Related Articles

✓ Share:

Evans Karanja

Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon