The cryptography market is struggling to acquire a positive movement, and the parts even are particularly suffering. This has made the price of Pepe stabilize in a lower region for an extended period. In addition, chain measures indicate a possible 20% drop because buyers were unable to overcome resistance levels.
Pepe’s volatility faces a constant decline
The memes play on the theme of the PEPE frogs (PEPE) experienced a serious drop in last month. After reaching a summit of $ 0,000028, its value dropped by 45% in just 30 days.
This sharp drop in prices led merchants to quickly reduce their investments, similar to their shares with other assets on the market. Coinglass data show that PEPE witnessed a total liquidation of around 1.6 million dollars. From this, buyers closed nearly $ 1.1 million in long positions.
Glassnode, a chain analysis platform, reports that PEPE has undergone significant deterioration, with a sharp decrease in open interest from the previous summits in the meter parts market.
There is a recurring trend where open interests drop after periods of high demand in the same. This decrease not only decreases the lever effect, but also highlights a changing attitude towards coins.
For example, the price of Pepe fell 45% this month, and its interests open in the long term dropped considerably by 75%, from 1.25 billion to 249 million dollars. According to Intotheblock data, there was a drop in the volatility of the price of Pepe, going from 132.5% to 113.4% compared to last week. This drop in volatility could maintain Pepe in lower territory, which makes it difficult for the memes piece to exceed the bar of $ 0.00001.
On a different note, the participation of whales in Pepe recently experienced a significant increase. The number of important transactions increased from 105 transactions to a summit of 289 transactions last week. This increase in the activity of whales, while the price of Pepe is consolidated, could open the way to a potential escape, upwards or down.
What is the next step for Pepe Price?
Minds of money lovers find it difficult to stimulate the price of Pepe above medium-sized medium-sized, which suggests a drop in demand at higher prices. Currently, Pepe Price is in difficulty below $ 0.00001 while the downward domination is above this level. During the editorial staff, Pepe Price is negotiated at $ 0.00,000929, increasing by more than 0.8% in the last 24 hours.
In terms of decrease, if the price falls below $ 0.00,0008, Bears could take control, potentially sending the PEPE / USDT pair to the crucial level of $ 0.00,00059. Buyers are likely to aggressively protect this level, as a violation and close below would trigger long intense liquidation.
However, if the price bounces $ 0.00,0008 or exceeds $ 0.00001 from the current position, this would indicate a return of the bullish momentum. This could send the pair to $ 0.00001111111 and possibly extend the gains to $ 0,0000,15.