The post Will PEPE Survive Prevailing Bear Pressure? appeared on BitcoinEthereumNews.com.

Pepe price is overall down for the week, but the bear pressure remains relentless. Technical indicators suggest the price of PEPE still has some more downside distance to cover. The entire crypto market cap is down 2.1%, and despite positive Bitcoin ETF netflows, the asset is down 0.9%. The high correlation between PEPE and Ethereum may be impacting its price now as the ETH ETF experienced negative netflows on August 15, reflecting a 2.9% drop in price. Can PEPE hold up against the overbearing sell pressure? Good Exchange Netflows, Bad Pepe Price PEPE displays mixed indicators between its price action and net exchange flows. On August 15, PEPE on exchange reserves reduced by 1.44 trillion ($10.89 million). However, the price of PEPE continued to drop, shedding 4% of its value over the past 24 hours to trade at $0.00000751.  Normally, when exchange reserves of a particular crypto asset are reduced, it is good news, as it shows investors are looking to hold the coin for the mid to long term. A possible reason for the mixed observation may be that investors shifted their PEPE tokens to other exchanges or decentralized exchanges to take advantage of an arbitrage opportunity. Coinglass data reveals that the PEPE open interest (OI) and Cumulative Volume Delta (CVD) are dropping. When this happens, it reveals that traders are closing the long positions, potentially resulting in a loss since the funding rate (FR) is currently negative. Pepe OI & CVD A negative FR indicates that the PEPE Futures price is lower than the spot price, which means the number of Shorts is building up, suggesting the price may drop further. Despite the bad price, PEPE still thrives in terms of adoption, as it has recorded an average of around 430 new holders per day over the last…

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Filed under: News - @ August 16, 2024 8:25 am