Despite a recent 7% price increase, PEPE's short-term prospects are uncertain due to a significant sell-off by large holders and a prevailing bearish market sentiment.
PEPE whales have offloaded a staggering 190 billion tokens within a 24-hour period, following a dip in price that neared a three-month low. The memecoin market, as a whole, remains under pressure from bearish trends, with the total memecoin market capitalization declining by approximately 1.2% to $79 billion. Despite this downturn, PEPE has managed to defy the trend, experiencing a 7% surge in the past 24 hours, trading at $0.0000099 at the time of this report.
However, the lack of sustained whale interest could potentially hinder a long-term upward trajectory.Analysis of large transactions reveals that over the past 24 hours, PEPE transactions exceeding $100,000 increased fourfold, jumping from 8 trillion to 31.9 trillion. While this surge appears to indicate heightened activity, it primarily stems from selling activity. Large holder netflows have plummeted significantly, dropping from 159 billion to -37 billion, suggesting that whales have sold 196 billion PEPE tokens within the 24-hour window. Whale addresses, which hold 48% of the memecoin's supply, are currently in a distribution phase. If this trend persists, it could exert downward pressure on the price.The current market dynamics favor sellers, as evidenced by the Relative Strength Index (RSI) dropping to 30. The RSI line continues to oscillate below the signal line, reinforcing the bearish momentum. If PEPE loses support at the lower Bollinger band ($0.00000906), it could experience a dip to collect liquidity at $0.00000796. Conversely, if bulls regain control and the memecoin surpasses resistance at $0.000014, it could propel a strong upward trend. Traders need to monitor for a reversal in the RSI line. A northward shift and crossing above the signal line would indicate rising buying pressure, potentially triggering gains. The bearish sentiment surrounding PEPE is evident in both the spot and derivatives markets. Open Interest has surged by 6% in 24 hours to $268 million, largely driven by short sellers. PEPE's Funding Rates have been negative for the past two days, reflecting strong demand for short positions. The Long/Short Ratio has fallen to 0.95, signifying a higher number of traders opening short positions compared to long positions.
PEPE Memecoin Whales Bearish Market RSI Bollinger Bands Derivatives Market Open Interest Funding Rates
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