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Following
PEPE Whale selling and weakening momentum have put pressure on recent prices
If it breaks through the key resistance level of US$0.0000364, PEPE is expected to open a upward path towards US$0.00000442. However, if it falls below US$0.00000313, PEPE may be exposed to a lower support area, around US$0.00000230.
Whale sell-off brings headwinds to PEPE
The memin PepeCoin (PEPE) is trying to regain market momentum after a rejection of key resistance levels. Affected by recent selling pressure, the token is currently trading at approximately US$0.0000348. At the same time, the decline in large holdings has caused market concerns, and derivatives data has also sent mixed signals for the next major trend. Although there is still room for bulls to recover if buying returns, weak momentum indicators may mean that PEPE faces the risk of further declines before a continued rebound.
Sanitation data shows that PEPE's largest wallet group has undergone significant changes. Wallets holding 10 million to 100 million PEPEs have recently reduced exposure. Since August 25, these "giant whales" have sold approximately 80 billion tokens. Its sell-off suggests that some large holders are locking in profits from August's gains. In contrast, smaller wallets took the opposite action over the same period: wallets holding 1 million to 10 million tokens accumulated 5.06 billion PEPEEs; investors holding 100,000 to 1 million tokens also increased their holdings.
This divergence has created an interesting situation for PEPE traders: large investors appear more cautious, while small participants continue to buy. The distribution of whales may increase the supply available on exchanges, putting pressure on prices. Before PEPE builds lasting upward momentum, strong demand must be able to absorb these selling orders.
Derivatives data adds market complexity
Derivatives data adds another dimension to the current market picture. CoinGlass data shows that PEPE's long-short ratio is 1.05, near the highest level in the past month. This suggests that more traders are holding long positions, reflecting growing confidence among derivatives participants. However, funding rates paint a less optimistic picture. PEPE's weighted funding rate on open interest turned negative on Wednesday, reading as low as-0.0067%on Thursday. Negative funding rates mean that short traders pay fees to long traders, which often signals a bearish market positioning.
Key prices may determine next move
PEPE is currently trading below the 200-day exponential moving average (EMA), with resistance around US$0.00000364. On Wednesday, the memein was rejected at this position. To strengthen the argument for recovery, bulls need to push the daily close above the 200-day EMA. A successful breakthrough could push PEPE to the next resistance level of $0.0000442, which would represent a significant rebound from current levels.
Traders may pay close attention to volume when trying to break through. Strong trading volume can provide greater confidence support for breaking through resistance levels. However, outlook, the current momentum indicator, is more cautious. The Relative Strength Index (RSI) continues to decline, moving towards a neutral level of 50. MACD also maintained the bearish cross pattern formed last week. Both indicators indicate that the buyer has not regained full control.
The important support area faced by PEPE lies between US$0.0000320 and US$0.00000313, with the 50th and 100th EMAs forming the upper edge of this support range. If the closing price falls below this area, selling pressure may intensify. This weak performance could push PEPE to the next daily support level, which is around $0.0000230.
