The crypto market was hit hard on August 5, 2024, as a brutal sell-off erased over 18% of its value in just 24 hours.Amid this turbulence, Pepe (PEPE), the world’s third-largest meme coin, took significant damage, with its price falling by more than 27%.
As investors grappled with staggering losses, questions arose about the future of this volatile asset and the broader crypto market. What triggered this sudden crash? Can PEPE recover from this steep decline? Keep reading to find out.
Following this dramatic drop, traders and investors experienced substantial liquidations totaling $9.4 million. Of this, $6.03 million came from long positions, while $3.33 million were from short positions.
As of press time, PEPE has broken through a critical support level of $0.0000061. According to expert analysts, the closing price of PEPE’s daily candle will be crucial in predicting its next moves.
If PEPE closes below the $0.0000061 support level, it could potentially drop another 30%, nearing the next support level around $0.0000043. Conversely, if it closes above this level, PEPE might see a surge of up to 25% in the coming days.
It’s not looking good for PEPE
Currently, PEPE is trading below the 200 Exponential Moving Average (EMA) on the daily chart, indicating a bearish outlook. Meanwhile, the Relative Strength Index (RSI) suggests a possible price reversal, as it has entered the oversold zone.
Despite the price drop, PEPE is trading near $0.0000063 and has seen a 27% decline in the last 24 hours. However, its trading volume has increased by 190%, showing more activity from traders and investors.
Amid the selling pressure, some investors see this as a chance to buy the dip. Recently, a post on X (formerly Twitter) revealed that a wallet address “0xf3ab” withdrew a significant amount of PEPE tokens from Binance, hinting that bullish investors might be taking advantage of the market downturn.
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