From 1,520 to 155 – PEPE’s falling transaction count will have THIS impact
The post From 1,520 to 155 – PEPE’s falling transaction count will have THIS impact appeared on BitcoinEthereumNews.com.
Number of large PEPE transactions dropped from 1,520 to 155 over the last three months PEPE’s price dropped by more than 37%, while volume rose by 60%+ in a month PEPE saw a significant fall in large transactions from a high of 1,520 to just 155 over the past three months. This decline closely mirrored PEPE’s price, which fell from $0.000026 to $0.000010 over the same period. Historically, a reduction in large transactions is a sign of falling interest or liquidity, often leading to a price drop, as observed between early December and February. Large transactions peaked in early December, climbing up to 1.52k transactions when the price spiked to $0.000026. Subsequently, as large transactions fell, the price also diminished, confirming a potential correlation between transaction volume and price stability. Source: Ali/X This trend culminated in late February with only 155 large transactions, indicating reduced trading activity and potentially lower market confidence. This exerted downward pressure on PEPE’s price. This historical pattern is an example of how significant shifts in transaction volume can directly impact asset valuation in the crypto market. What next for PEPE’s price action? With the price dropping by more than 37% over the past month while volume climbed by 60%+, PEPE could be set for another drop as this signals sell-off in the Futures market. Analysis of PEPE/USDT pair on Binance revealed that the price is currently recently dipping towards support zones between $0.0000620 and $0.0000420, with the press time price at $0.0000924. PEPE trading below the 200EMA further confirmed this downward momentum – A sign of bearish sentiment. The OBV indicator, at 1.699T, has trended south alongside the price, indicating selling pressure. This negative divergence typically alludes to further declines on the charts. Source: TradingView However, the price is at a support level, which could…
Filed under: News - @ February 23, 2025 12:14 am