PEPE Cryptocurrency Drops Below Key Support Level Amid Falling Trading Volumes
Meme-inspired cryptocurrency PEPE is facing downward pressure after dropping below a key support level, with warnings of a potential 15% decline. Key points include:
- Trading volumes decreased to $980 million.
- Open interest fell 4% to $535 million, indicating reduced trader confidence.
- Long liquidations reached $326,000, significantly higher than $9,900 in shorts.
- Daily active addresses on the PEPE network dropped to fewer than 3,000, down from a peak of 27,500.
- Price predictions suggest a possible decline towards $0.0000085 to $0.0000080.
- The top 100 PEPE addresses increased holdings by only 0.2%, while PEPE on exchanges rose 1.13%.
Technical Analysis Overview
PEPE exhibited volatility, ranging between $0.000010028 and $0.000009567. A rally pushed prices briefly to $0.000010000 before stalling. The token has since fallen to test $0.000009610, reflecting a 4% pullback from recent highs. Resistance forms near $0.000009640 amid high trading volume, suggesting distribution rather than accumulation.