Pepe Price Falls 1% as Open Interest and Volume Plunge: Is it a good Time to Buy PEPE?

The PEPE price is down 1% in the past 24 hours, with the PEPE/USD trading at $0.000007824. Its trading volume has notably plunged 11% to $555.52 million in the past 24 hours, signaling dwindling market activity. 

The PEPE price is currently stuck between $0.00000900 and $0.00000700. However, this won’t take long, as data signals investors may be preparing for a potential move soon. A 0.53% slump in Open Interest (IO) to $89 million may seem small, but the volume has plunged 12% to $527 million. This suggests a potential shift in sentiment in the PEPE price direction.

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There have been at least $1.04 million liquidations of pepe in the last 24 hours based on data from Coinglass. The lion’s share of them, approximately $541k, were accounted for by shorts, with longs taking up the rest, at least $500k.

Meanwhile, the next few days could be more difficult if PEPE futures’ open interest keeps dropping. The face value of this data reveals bulls continue to suffer as Pepe’s price corrects and staggers below the $0.00001 resistance. Should the downtrend stretch below $0.000006968 support, PEPE could enter into a full-blown sell-off, possibly diving to $0.000005840. Moreover, the frog-themed meme coin’s short-term trend may continue downward due to the subsequent drop in the futures market open interest.

Pepe Statistical Data

Based on CoinmarketCap data:

• PEPE price now – $0.000007824
• PEPE market cap – $3.29 billion
• PEPE total supply – 420.69 trillion
• PEPE circulating supply – 420.69 trillion 
• PEPE ranking – #26

The PEPE price attempted a bullish rally after flipping the 50-day SMA into support at $0.00000947 on August 25. However, the bears entered the market, plummeting the price to $0.000007414 support. Meanwhile, the bulls are not ready to put their guard down as they aim for a bullish reversal in the coming days. 

The frog-themed memecoin trades below the 50-day and 200-day Simple Moving Averages (SMAs). Meanwhile, the $0.00000878 and $0.00000947 act as immediate resistance zones, cushioning the bulls against upward movement. The Relative Strength Index (RSI) currently sits at 44, slightly below the 50-mean level. Increased buying pressure will see investors adding to their positions in the market. This will cause the RSI to jump to the 70-overbought zones. 

The Moving Average Convergence Divergence (MACD) is bullish as the line rebounds towards neutral. Moreover, the blue MACD line has crossed above the orange signal line, indicating that the price of PEPE is currently on positive momentum. Traders and investors are inclined to buy PEPE unless the MACD changes.

Which Direction Will Pepe Price Take?

The PEPE price analysis shows the token is gearing up for a bullish trend reversal above the bearish flag. If the bulls capitalize on the buy signal from the MACD indicator, the PEPE price could flip bullishly. In such a case, the bulls may flip the $0.00000878 resistance to the support floor, initiating an uptrend. The $0.000015 level will be the next target in a highly bullish case.

However, the frog-themed memecoin trades below the 50-day and 200-day Simple Moving Averages (SMAs). This may encourage the bears to push PEPE through a correction. In such a scenario, $0.000006907 may act as a cushion against further downward. 

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