Crypto:
30336
Bitcoin:
$65.083
% 0.05
BTC Dominance:
%54.2
% 0.09
Market Cap:
$2.37 T
% 0.16
Fear & Greed:
60 / 100
Bitcoin:
$ 65.083
BTC Dominance:
% 54.2
Market Cap:
$2.37 T

What’s Next for PEPE After 12% Surge?

What Is The Reason For The Volatility In Pepe Memecoin

PEPE, one of the popular meme coins in the crypto market, has recently experienced a price surge, reigniting investor optimism. While the short-term price action has turned positive, liquidation levels are raising concerns.

Despite the meme coin’s efforts to maintain its uptrend, a concentration of liquidations could lead to a 14-20% drop in the coming days.

PEPE bulls managed to secure some gains over the past few days. The critical support level at $0.0000062 was retested, resulting in a positive reaction.

However, declining trading volume in the meme coin is a cause for concern. Data shows a decrease in the number of new addresses over the past few days. Falling daily active addresses could also indicate a decline in demand.

Should You Be Concerned About PEPE’s Trading Volume?

PEPE has maintained an uptrend on longer timeframes. The low swing at $0.00000581 is the first hurdle bears need to overcome to turn the market structure bearish.

With the decline in trading volume, it becomes evident that the meme coin is in a consolidation phase. Additionally, the RSI technical indicator stands at 46. While a drop below the neutral 50 level indicates a preference for downward momentum, a drop below 40 is required to confirm a strong downtrend.

The Chaikin Money Flow, indicating a strong capital outflow from the market, is positioned below -0.05. This suggests that further losses are imminent.

What’s Next for PEPE?

The liquidation heatmap shows that the region between $0.000006 and $0.0000062 is a critical level.

Despite the short-term positive reaction in PEPE’s price, it may choose to deepen its decline to reach the nearby liquidation levels.

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The key level to watch closely in the coming week is $0.0000056. This level could be PEPE’s next destination. If the bears assert their dominance and manage to reverse the trend, the coming week could witness significantly more losses.

Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram  ,YouTube and Twitter channels for the latest news and updates.

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