PEPE Struggles to Reverse Bearish Trend
Key Takeaways
- PEPE continues to exhibit a bearish market structure despite short-term recoveries.
- A liquidity sweep suggests potential support at $0.00000800.
- For a trend reversal, PEPE needs to reclaim the zone between $0.00000900 and $0.00001000.
- Declining liquidations could indicate stabilization.
- The number of large transactions remains steady, suggesting possible consolidation.
PEPE Tests Key Support Zones
Following a broader correction in the crypto market, PEPE is currently in a critical phase. The price is around $0.00000822, confirming the bearish trend signaled by multiple Breaks of Structure (BOS) below $0.00000900.
A recent liquidity sweep below the $0.00000800 level suggests that this area could act as potential support. Short-term recoveries after such sweeps are not uncommon, but for a sustained reversal, PEPE must reclaim the zone between $0.00000900 and $0.00001000. If successful, market sentiment could shift from bearish to bullish.
Is Another Price Drop Imminent?
If PEPE fails to hold its current support, a further decline to $0.00000700 could follow, reinforcing the bearish market structure. Investors should monitor sustained closes below current support levels, as this could indicate continued weakness.
Liquidations Are Declining
Despite the downward movement, PEPE is showing signs of stabilization. Over the past two days, there has been a sharp decline in liquidations. On Binance, short liquidations dropped from $63 million to $7.05 million. Long liquidations also fell to $11.13 million.
This trend could suggest that traders are acting more cautiously and waiting for clearer signals. If this continues, the market may stabilize. However, a renewed surge in liquidations could lead to further selling pressure.
Large Transactions Remain Steady
Despite recent market weakness, the number of large PEPE transactions remains stable. The transaction count recently stood at 337, showing no significant fluctuations.
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This steady volume could indicate that PEPE is in a consolidation phase. If transaction volume suddenly increases, it could signal either a recovery or further decline, depending on whether buying or selling activity dominates.
Our Assessment
PEPE remains in a bearish market environment. The short-term recoveries following the liquidity sweep are not a clear sign of a trend reversal. The key factor will be whether PEPE can reclaim the resistance zone between $0.00000900 and $0.00001000.
Declining liquidations and a steady number of large transactions could indicate stabilization. However, investors should wait for sustained price movements before assuming a recovery. A renewed drop below $0.00000800 could lead to further losses.
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