The price of #PEPE dropped 20% in six days as it tested the $0.000010 support. Whale activity surged, raising concerns of a deeper correction.
At a critical juncture, PEPE risks losing the $0.000010 psychological level as selling pressure intensifies. Will the increased whale activity, combined with the ongoing downtrend, push Pepe to a new monthly low?
PEPE Price Analysis
On the daily chart, Pepe is struggling to stay above the $0.00001037 support level. With an intraday pullback to $0.00001024, PEPE has recorded its lowest trading price in the past 30 days.
This reflects mounting overhead selling pressure, which has driven a 20% decline over the last six days. With market sentiment turning increasingly bearish, a daily close below the psychological $0.000010 level could extend the correction to the $0.0000090 support zone — a level that previously acted as significant resistance.
If bearish momentum continues, the downside risk could stretch further to $0.00000570, representing the lowest closing price of the year to date.
On-Chain Data Signals Whale Sell-Off
According to data from IntoTheBlock, the number of large transactions (over $100,000) has significantly increased over the past 30 days. Since early May, the number of these transactions has risen compared to the relatively quiet period between February and April.
Typically, a surge in large transactions can indicate the formation of a cycle top or bottom. Given the rising selling pressure, the uptick in large transactions may point to potential sell-offs by Pepe whales.
As such, the on-chain data supports the case for increasing downside risk in the frog-themed meme coin.
Fear Emerges in PEPE Derivatives
CoinGlass data also shows a decline in PEPE’s open interest by 5.70%, now at $483.09 million. Over the last 24 hours, liquidations totaled $2.28 million in long positions, compared to just $486,000 in short liquidations.
This imbalance has pushed the long-to-short ratio down to 0.9384, reinforcing the bearish sentiment.
