Pepe Coin

Pepe

Pepe Coin price prediction hints at a bearish sentiment as whales and retail traders have turned bearish on Pepe Coin. Meanwhile, the market is recovering from Bitcoin’s latest onslaught, which is only 0.7% down today, compared to 6.5% on August 28. PEPE price is just above critical support, and an analysis of traders’ behavior suggests a potential crash if market conditions remain the same. Will the price of PEPE survive?
<h2 id="whales-offloading-impact-on-pepe-coin-price">Whales Offloading Impact on Pepe Coin Price</h2>
An analysis of data from <a rel="noopener noreferrer nofollow" href="https://app.intotheblock.com/coin/PEPE">IntoTheBlock</a> shows that Pepe Coin large holders have been steadily offloading their assets over the past few days. On August 28, there was a net outflow of 1.16 trillion ($8.96 million) from their wallets. Coincidentally, the Pepe coin price daily candle for August 28 shows a struggle between buyers and sellers. A larger upper wick shows the presence of aggressive selling.
<img decoding="async" class="aligncenter size-full wp-image-214537" src="https://coingape.com/wp-content/uploads/2024/08/ITB_pepe_large_holders_netflow_ethereum_2024-08-29T05_07_15.348Z.png" alt="pepe large holders" width="1200" height="800" srcset="https://coingape.com/wp-content/uploads/2024/08/ITB_pepe_large_holders_netflow_ethereum_2024-08-29T05_07_15.348Z.png 1200w, https://coingape.com/wp-content/uploads/2024/08/ITB_pepe_large_holders_netflow_ethereum_2024-08-29T05_07_15.348Z-300x200.png 300w, https://coingape.com/wp-content/uploads/2024/08/ITB_pepe_large_holders_netflow_ethereum_2024-08-29T05_07_15.348Z-768x512.png 768w, https://coingape.com/wp-content/uploads/2024/08/ITB_pepe_large_holders_netflow_ethereum_2024-08-29T05_07_15.348Z-150x100.png 150w, https://coingape.com/wp-content/uploads/2024/08/ITB_pepe_large_holders_netflow_ethereum_2024-08-29T05_07_15.348Z-272x182.png 272w" sizes="(max-width: 1200px) 100vw, 1200px">
Looking into the Exchange flows data from <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/currencies/PEPE">Coinglass</a>, we can see a net positive inflow of PEPE yesterday to the tune of $4.19 million. This indicates that whales are moving their cryptocurrency holdings into exchanges. This can signify that they are preparing to sell their assets, as exchanges are typically where trading occurs.
<img decoding="async" class="aligncenter size-full wp-image-214538" src="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-29-075730.png" alt="inflow of PEPE" width="1729" height="442" srcset="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-29-075730.png 1729w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-29-075730-300x77.png 300w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-29-075730-1224x313.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-29-075730-768x196.png 768w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-29-075730-1536x393.png 1536w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-29-075730-150x38.png 150w" sizes="(max-width: 1729px) 100vw, 1729px">
Additionally, the <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/pro/i/VisualScreener">Coinglass Crypto Derivatives Visual Screener</a> (CDVS) shows that open interest (OI) dropped 4.3%, but the price increased by 0.14% in the last 24 hours. This suggests that traders are indecisional as they wonder whether to close their shorts and long positions or remain in the market.
<img decoding="async" class="aligncenter size-full wp-image-214539" src="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-29-081859.png" alt="open interest" width="1420" height="578" srcset="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-29-081859.png 1420w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-29-081859-300x122.png 300w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-29-081859-1224x498.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-29-081859-768x313.png 768w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-29-081859-150x61.png 150w" sizes="(max-width: 1420px) 100vw, 1420px">
Although the gap is small, the Coinglass Liquidation Map shows more Shorts than Longs positions. This imbalance indicates the market is dominated by a bearish sentiment as a fair share of traders (and whales) anticipate that the price of Pepe Coin may drop further.
<h2 id="pepe-could-drop-22-if-this-level-doesn-t-hold">PEPE Could Drop 22% If This Level Doesn’t Hold</h2>
The <a href="https://coingape.com/price/pepe/" rel="noopener noreferrer nofollow">PEPE price</a> is trending downward, following a recent pump that proved to be a fake-out, leading to an aggressive correction and a 20% drop in value.
PEPE might find support around $0.00000700, which represents a 10% decline from the current value. However, if this support fails, the price could plummet another 22% to reach the August 5 lows around $0.00000585.
The ongoing whale-selling spree and the increase in short positions are adding to the pressure, making it more likely that the $0.00000700 support level might not hold.
<figure id="attachment_214540" aria-describedby="caption-attachment-214540" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-214540" src="https://coingape.com/wp-content/uploads/2024/08/PEPEUSDT_2024-08-29_08-26-25.png" alt="Pepe Coin Price Chart" width="1143" height="763" srcset="https://coingape.com/wp-content/uploads/2024/08/PEPEUSDT_2024-08-29_08-26-25.png 1143w, https://coingape.com/wp-content/uploads/2024/08/PEPEUSDT_2024-08-29_08-26-25-300x200.png 300w, https://coingape.com/wp-content/uploads/2024/08/PEPEUSDT_2024-08-29_08-26-25-768x513.png 768w, https://coingape.com/wp-content/uploads/2024/08/PEPEUSDT_2024-08-29_08-26-25-150x100.png 150w, https://coingape.com/wp-content/uploads/2024/08/PEPEUSDT_2024-08-29_08-26-25-272x182.png 272w" sizes="(max-width: 1143px) 100vw, 1143px">
 <figcaption id="caption-attachment-214540" class="wp-caption-text">
 Pepe Coin Price Chart
 </figcaption>
</figure>
If Pepe Coin price bounces off this support, holds at $0.00000700, and rebounds, it may signal market strength and could invalidate the current bearish thesis. PEPE price may surge above $0.00000900 to establish new monthly highs.
The post <a href="https://coingape.com/markets/is-pepe-coin-price-preparing-for-breakout-as-whales-accumulate/" rel="noopener noreferrer nofollow">Is Pepe Coin Price Preparing for Breakout as Whales Accumulate?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Is Pepe Coin Price Preparing for Breakout as Whales Accumulate?

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