PEPE Struggles to Hold Gains Above 100-Day Average as Selling Pressure Mounts
Pepe (PEPE), the third-largest memecoin by market capitalization, is facing difficulty sustaining momentum above its 100-day simple moving average (SMA) amid persistent selling activity.
Earlier on Monday, PEPE briefly climbed past its 100-day SMA at $0.00001009 but quickly pulled back, slipping about 1% to trade at $0.00000992, according to CoinDesk data.
On-chain data suggests that large holders are distributing rather than accumulating. Four significant high-volume sell-offs have formed a descending resistance trendline, and substantial transfers of PEPE to exchanges hint at potential liquidation from major traders. One whale transaction alone saw 500 billion PEPE—worth approximately $3.85 million—sent to Binance, highlighting the ongoing volatility in the meme coin sector, CoinDesk’s AI analysis noted.
At present, PEPE is consolidating within a sideways channel, bounded by highs from June 25 and July 3 and lows from June 22 and July 2. A breakdown below this trading range could signal further downside, extending the decline that began after PEPE’s peak on May 23.
Key AI Insights:
- PEPE’s technical indicators remain mixed, with the Relative Strength Index (RSI) sitting at 44.29 and overall market sentiment considered neutral.
- Recent trading has seen sharp sell-offs accompanied by high volumes, reinforcing the descending resistance pattern.
- Despite near-term volatility, some analysts maintain a bullish outlook, forecasting PEPE could climb to $0.000035 by 2025 and potentially reach $0.0258 by 2030.
- The token is holding key support around $0.00000099 while consolidating between $0.0000099 and $0.0000102.
- In the broader memecoin space, market rotation continues: Bonk has risen 6-7% amid ETF speculation, while Dogwifhat has fallen 4-10%, testing crucial support levels amid waning volumes.
