Pepe drop 17% in 24 hours: why could pain more follow

• Pepe’s sales volume has grown significantly and the open interest is still falling.
• There is no support nearby that could provide a return, and Pepe hints at further potential fall.

Pepe (Pepe) recorded a major market loss, rejecting 17% in the last 24 hours. Interestingly, the effect of memecoin has remained a bull in the last month, and a raised win of 25%.

Currently market mood suggests that the assets could record an even further drop in price as the sales force continues to increase.

Sellers gain strength in the market

The recent fall of Pepe stems from the increased pressure of the sales that are cooked.

Comparing sales with the amount of purchase, the analysis shows that 50.77% of the total volume of the derivative market comes from the seller.

This is not all – there has been 23% of open interest declines, which suggests that the sale is increasing, merchants lose and close positions.

Ambcrypto found that long merchants were at the end of the loss, especially in the past 24 hours.

During this period, the market recorded a total liquidation of $ 8.97 million and has long made $ 7.32 million losses.

This significant proportion of losses shows that the market is decisively a bear and is moving against bicou -bets.

This effect has expanded fear throughout the market, which has led to more sale of ash and the cause of the property to be even more declined.

Pepe sellers double

Financing rate data showing which markets of the market pays the premium to maintain positions, show that sellers are paying.

When sellers pay for the premium, it indicates that the market is moving in their direction, and the fee helps to maintain the difference in the price between the place and the future.

At the time of writing, the funding rate was -0,0078%, one of the highest recorded from the seller in a while.

If that pressure goes down – together with the decline in OI and higher sales volume – Pepe has high potential to fall even lower.

Customers accumulate but threat remains – here’s why

In the midst of all this, customers remain active on the market and continue to accumulate property despite the fall. The market analysis shows that these investors have purchased more than $ 1.59 million in the last 24 hours.

Interestingly, in the past week, investors have increased Pepe a total of $ 69.3 million, contributing to Bullish Playok.

The analysis of Bollinger’s scope, which identifies overblowed or overturned conditions, confirms this opinion.

Currently, Pepe has entered the region of overturn, crossing below the red line – the move that historically marked the beginning of the main sets.

However, the potential fall is still found because the sales pressure continues to grow. If the fall continues, Pepe could fall to the nearest support level at 0.000008777.

Although the likelihood of falling to this level remains relatively thin, this cannot be switched off.