- Whale selling and weakening momentum keep near-term price action under pressure.
- A break above $0.00000364 could open a path toward $0.00000442.
- Losing $0.00000313 could expose PEPE to deeper support near $0.00000230.
PepeCoin — PEPE, is trying to regain momentum after facing rejection near a crucial resistance level. The meme coin trades around $0.00000348 following recent selling pressure. Whale activity also raises concerns as larger holders continue reducing their positions. Meanwhile, derivatives data offers mixed signals about the next major move. Bulls still have room to recover if buying pressure returns. However, weakening momentum indicators could expose PEPE to another decline before any sustained rally.
Whale Selling Creates Headwinds for PEPE
Santiment data shows notable changes among PEPE’s largest wallet groups. Wallets holding between 10 million and 100 million PEPE have reduced exposure recently. These whales have sold roughly 80 billion tokens since August 25. Their selling activity suggests some large holders are securing profits after August’s gains. Smaller wallets have moved in the opposite direction during the same period. Wallets holding between 1 million and 10 million tokens accumulated 5.06 billion PEPE.
Smaller holders with 100,000 to 1 million tokens also increased their holdings. This divergence creates an interesting setup for PEPE traders. Larger investors appear more cautious, while smaller participants continue buying. Whale distribution could increase available supply across exchanges and pressure prices. Stronger demand must absorb that selling before PEPE can build lasting momentum. Derivatives data adds another layer to the current market picture.
CoinGlass shows PEPE’s long-to-short ratio at 1.05. The reading sits near the highest level recorded over the past month. More traders currently hold long positions, suggesting growing confidence among derivatives participants. However, funding rates paint a less optimistic picture. PEPE’s open-interest-weighted funding rate turned negative on Wednesday. The reading stood at -0.0067% on Thursday. Negative funding means short traders pay long traders, often signaling bearish positioning.
Key Levels Could Determine the Next Move
PEPE currently trades below the 200-day EMA near $0.00000364. The meme coin faced rejection from this level on Wednesday. Bulls need a daily close above the 200-day EMA to strengthen the recovery case. A successful breakout could push PEPE toward the next resistance near $0.00000442. Such a move would represent a meaningful recovery from current levels.
Traders may watch volume closely during any breakout attempt. Strong volume could provide greater confidence behind a move above resistance. Momentum indicators currently offer a more cautious outlook. The RSI continues moving lower toward the neutral 50 level. The MACD also maintains a bearish crossover from last week.
Both indicators suggest buyers have not regained full control. PEPE faces important support around $0.00000320 to $0.00000313. The 50-day and 100-day EMAs form the upper portion of this support zone. A close below this area could increase selling pressure. Such weakness could send PEPE toward the next daily support around $0.00000230.
