Pepe Coin

Pepe

Coin

Pepe Coin price prediction: The first three weeks of June have been notably bearish for the crypto market following the lead of <a href="https://coingape.com/markets/bitcoin-price-analysis-why-is-btc-charging-to-70000/">Bitcoin</a> correction. With the BTC price falling below $64,000 on Friday, several altcoins especially the <a href="https://coingape.com/top-dog-themed-memecoins/">meme coin</a> sector witnessed extended correction. However, defying the selling pressure and its declining volume, the Frog-theme meme coin PEPE is up 5% raising the question of a bull trap or relief rally before the next dump. 
Also Read: <a href="https://coingape.com/markets/pepe-coin-price-analysis-hints-last-pullback-before-a-new-high-to-0-00002/">Pepe Coin Price Prediction: Bullseye On $0.00002 As PEPE Leads Meme Coin Recovery</a> 
<h2 id="span-style-font-weight-400-pepe-coin-price-prediction-open-interest-drops-signaling-investor-caution-span">Pepe Coin Price Prediction: Open Interest Drops Signaling Investor Caution</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/0/0nfuz1OF.png" alt="BINANCE:PEPEUSDT Chart " width="1824" height="799">
 <figcaption class="wp-caption-text">
 Pepe Coin Price Analysis|Tradingview
 </figcaption>
</figure> 
Throughout the week, the pepe coin witnessed low volatility trying to sustain above the $0.00001 psychological level. Despite the supply pressure from the broader market, the memecoin price showcased notable resilience evidenced by the long-tail rejection on Tuesday.&nbsp; 
However, the near-term trend in <a href="https://coingape.com/sponsored/the-power-of-pepe-invest-in-pepe-unchaineds-layer-2-marvel/">Pepe</a>&nbsp;is still bearish as the development of new higher and lower lows continues. The downward trajectory is led by a two-downsloping trendline indicating the formation of a flag pattern.&nbsp; 
The chart pattern is known to lead to a temporary downtrend and replenish the exhausted bullish momentum for the next leap. 
From the recent peak of $0.00001725, the coin price dropped 34% to currently trade at $0.000011, while the market cap plunged to $4.72 Billion. Despite an intraday jump of 5%, the PEPE price witnessed a 6.7% drop in trading volume projecting a lack of interest from trades to enter a long position. 
Also Read: <a href="https://coingape.com/crypto-prices-today-june-20-btc-eth-navigate-market-turbulence-fet-agix-rally-over-20/">Crypto Prices Today June 20: Bitcoin Holds Firm at $65K Amid Market Turbulence, FET &amp; AGIX Soar Over 20%</a> 
Similarly, the open interest in <a href="https://coingape.com/markets/meme-coins-reasons-pepe-coin-outpacing-dogecoin-shiba-inu-in-june/">Pepe coin</a> has declined significantly, with Coinglass reporting a drop from $189.51 million in late May to $107 million now. This represents a decrease of approximately 43.5%. Note that this substantial reduction in open interest suggests a waning of trader commitment or liquidity in the market for Pepe, potentially indicating decreased confidence or interest from investors. 
<figure id="attachment_203682" aria-describedby="caption-attachment-203682" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-203682" src="https://coingape.com/wp-content/uploads/2024/06/image_2024-06-21_22-07-38.png" alt="PEPE Futures Open Interest (USD)" width="1544" height="483" srcset="https://coingape.com/wp-content/uploads/2024/06/image_2024-06-21_22-07-38.png 1544w, https://coingape.com/wp-content/uploads/2024/06/image_2024-06-21_22-07-38-300x94.png 300w, https://coingape.com/wp-content/uploads/2024/06/image_2024-06-21_22-07-38-1224x383.png 1224w, https://coingape.com/wp-content/uploads/2024/06/image_2024-06-21_22-07-38-768x240.png 768w, https://coingape.com/wp-content/uploads/2024/06/image_2024-06-21_22-07-38-1536x480.png 1536w, https://coingape.com/wp-content/uploads/2024/06/image_2024-06-21_22-07-38-150x47.png 150w" sizes="(max-width: 1544px) 100vw, 1544px">
 <figcaption id="caption-attachment-203682" class="wp-caption-text">
 PEPE Futures Open Interest| Coinglass
 </figcaption>
</figure> 
Therefore, the two falling trendlines of the flag pattern are intact, the Frog meme coin may prolong the downward trajectory and may risk losing $0.00001 support. 
On a contrary note, a breakout above the overhead trendline will signal a change in market sentiment and provide buyers with suitable support to lead a higher rally. The post-breakout rally could push the asset back to the $0.00001725 high. 
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">EMAs: The 20-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">Exponential Moving Average</a> offers dynamic resistance to the bullish bounce in PEPE price.</li> 
 <li style="font-weight: 400;" aria-level="1">MACD: A bearish crossover between the <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a> (blue) and signal (orange) indicates the sellers are the current dominant force in this coin.</li> 
</ul> 
The post <a href="https://coingape.com/markets/pepe-coin-price-analysis-43-5-in-open-interest-threatens-0-00001/">Pepe Coin Price Prediction: Open Interest Slides 44%, Crash Imminent?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Pepe Coin Price Prediction: Open Interest Slides 44%, Crash Imminent?

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