As of November 5, 2024, the landscape of cryptocurrency is witnessing a bearish trend, significantly impacting PEPE, the third-largest meme coin. Having broken through a critical support level, PEPE is now facing a noticeable price decline.
Current Price Momentum
The recent breakdown has led to a 2.75% dip in PEPE’s price over the past 24 hours, with its current trading price hovering around $0.00000797. This period has also seen a 4.9% reduction in trading volume, reflecting decreased engagement from traders and investors amid the prevailing market downturn.
PEPE Technical Analysis and Key Levels
Expert technical analysis indicates a bearish outlook for PEPE, as it has emerged from a crucial support level characterized by a descending triangle pattern on the daily time frame. This breakdown suggests a heightened probability of further price declines.
According to recent price action and historical trends, should PEPE close a daily candle below the $0.00000795 threshold, there is a strong likelihood of an 18% decrease, potentially bringing the price down to $0.0000065 in the near future. Moreover, PEPE has fallen below the 200 Exponential Moving Average (EMA) on the daily chart, reinforcing the downtrend.
Bullish On-Chain Metrics
Despite the bearish sentiment, there is significant activity from whales and investors in the PEPE market. Data from the on-chain analytics firm, IntoTheBlock, reveals a 36% increase in large transactions by whales and institutions over the past 24 hours. This surge underscores the interest of large stakeholders in the meme coin despite its recent price challenges.
These on-chain metrics indicate that bullish participants are beginning to exert influence, potentially in anticipation of the upcoming U.S. presidential election. This increased involvement from bullish investors could counterbalance the current bearish trend, suggesting a dynamic interplay of market forces at this juncture.
In conclusion, while PEPE’s current price path appears challenging, the involvement of significant stakeholders and upcoming macroeconomic events may influence its trajectory. Investors and enthusiasts should remain vigilant, continuously analyzing both technical and on-chain data to make informed decisions in this volatile market environment.
