Pepe (PEPE) has seen its trading volume collapse in recent days, as the third-largest meme coin by market cap struggles under sustained bearish pressure.
This sharp cooldown adds weight to a bearish PEPE price prediction, but the real question is, how much further could it fall?
Data from CoinMarketCap shows that $2.2 billion worth of PEPE exchanged hands on July 18 as the price rose above $0.00001400. Less than a month later, only $400 million worth of the token was traded.
As of yesterday, PEPE’s trading volumes closed at $600 million, meaning a 73% drop compared to that mid-July peak.
Open interest in PEPE’s futures has experienced a dramatic drop as well. After hitting a record of $1 billion traded on July 22, the meme coin’s OI has now dropped to $590 million.
In the past 7 days, this meme coin has dropped by 7.95% while its 30-day gains sit at just 2.8%.
Despite the drop, PEPE has still managed to maintain a $2 billion distance from Pudgy Penguins (PENGU) at the third spot in the meme coin category and it is unlikely that the latter will flip it anytime soon.
Pepe Price Prediction: PEPE Could Drop to $0.0000090 as Negative Momentum Accelerates
Looking at the 4-hour chart, PEPE has bounced off the $0.000010 level recently. It has apparently made a double-bottom but this pattern has not been confirmed yet.
For that to happen, the price would have to rise above $0.000011. This bounce could push PEPE to retest the nearest area of resistance at $0.00001175.
However, the dominant trend is bearish, so there’s no evidence that supports a bullish PEPE price prediction even if the price recovers to this level.
A break below $0.000010 will favor a bearish PEPE price prediction with a first target set at around $0.0000090. Although a move to $0 is highly unlikely, negative momentum dominates the price action at the time and could push this meme coin to its late-June lows.
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Click Here to Participate in the PresaleThe post Pepe Price Prediction: Trading Volume Crashes 90% – Is PEPE Going to $0? appeared first on Cryptonews.
