Pepe (PEPE) has dropped 9% over the past 7 days, underperforming most other meme coins during the latest pullback — putting the current Pepe price prediction into question.
Is this a sign of deeper weakness and a bearish mid-term outlook, or just a healthy correction before the next leg up?
Data from CoinDesk Research shows that whales have been offloading PEPE recently, although not all of these sales appear to be voluntary, hinting at liquidations or forced exits rather than broad loss of confidence.
A notable PEPE trader called James Wynn, who previously made a fortune by buying the meme coin once it was an unknown token for the rest of the world, was recently liquidated out of a long position.
A total of $207 million worth of long positions were impacted by PEPE’s latest drop, inflicting losses of around $180,000 to Wynn in a relatively short period.
This trader, known for his high-risk strategy, has seen both massive wins and painful losses. While his approach once delivered life-changing returns, the tides have turned — he was forced out of a $1 billion Bitcoin position in May, reportedly losing around $60 million.
PEPE’s open interest has also taken a hit. After peaking at $1 billion on July 22, it has since plunged sharply, suggesting that many traders — possibly similar to Wynn — have been wiped out during PEPE’s 21.4% drop from $0.000014 to $0.000011.
This wave of forced exits raises a critical question: Is whale capitulation an early warning sign of a deeper correction ahead?
And with price action breaking key levels, does the current structure support a bearish PEPE price prediction for the mid-term?
Pepe Price Prediction: PEPE Could Drop to $0.00000850 If It Breaks Below This Key Support
Pepe’s daily chart shows that the price started to retreat upon hitting the $0.00001450 mark and dropped below the 200-day exponential moving average in the past few days.
Now, the 9-day and 21-day exponential moving averages (EMAs) have made a ‘death cross’ as they crossed below their long-term peer. This favors a bearish Pepe price prediction and could mark the beginning of a pronounced downtrend.
The key support to watch at this point is the $0.00001050 area. If PEPE breaks below this level, the odds would favor a push to a much higher zone – possibly at around $0.00000850.
However, since market sentiment and momentum still favor a bullish outlook, short-selling PEPE at this point would be risky as it means going against the prevailing trend. A confirmed breakout below $0.00001050 would justify taking a short position.
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