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PEPE Bulls Stumble as 100-Day Breakout Crumbles—Is a Bigger Drop Ahead?
PEPE traders watched their breakout dreams crumble as the meme token failed to hold above a critical technical level. The cryptocurrency briefly surged past its 100-day simple moving average at $0.00001009, sparking hope among bulls before quickly retreating about 1% below this key marker.
This failed breakout tells a familiar story in crypto markets. When prices can’t maintain momentum above important technical levels, it often signals seller dominance rather than the accumulation phase bulls were hoping for. The collapse reflects the ongoing volatility that meme tokens are famous for, keeping traders on their toes. The extreme volatility characteristic of meme coins can lead to dramatic price swings within hours or even minutes.
Behind the scenes, whale activity is adding fuel to the selling pressure. One notable transfer saw 500 billion PEPE tokens worth $3.85 million moved to Binance, suggesting potential liquidations ahead. These large transfers to exchanges typically precede selling waves, as whales prepare to cash out their positions. Exchange data shows over 3% of supply leaving centralized addresses recently, creating potential supply dynamics that could impact price action.
Whale transfers worth millions to exchanges signal impending selling waves as large holders prepare to cash out
Four distinct high-volume selling periods have already established a descending resistance trendline, painting a concerning picture for short-term price action. Currently, PEPE trades within a horizontal channel defined by recent highs and lows from late June and early July. This sideways movement limits upward momentum and sets up a potential continuation of the downtrend that began at May 23 highs.
Technical analysts point to $0.00000950 as immediate support, with a deeper safety net around $0.0000074 based on volume-weighted average price and Fibonacci retracement zones. The battle lines are drawn around $0.0000098, where bulls and bears clash for control. Bulls need to reclaim and hold above $0.00001075 to revive upward momentum. Current technical indicators show the RSI hovering at 44.29, reflecting neutral market sentiment amid the tug-of-war between buyers and sellers.
However, double-top rejections and exhaustion wicks at resistance areas suggest bears might have the upper hand. A break below $0.00000950 could trigger a cascade toward the $0.0000074 zone. Despite near-term headwinds, some analysts maintain optimistic long-term forecasts, projecting PEPE could reach $0.000035 by late 2025.
This volatility cycle of hype, distribution, and retracement is typical for meme tokens. Whether PEPE can defy gravity or succumb to selling pressure remains the million-dollar question for traders traversing these choppy waters.
