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This Is Why Pepe (PEPE) Price May Drop By 28%

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The frog-themed meme coin, PEPE, has been trading within a falling wedge pattern since May 27. Currently priced at $0.0000077, its value has dropped by 52% during this period.

PEPE’s price could decline further, as it appears poised to break below the lower line of its falling wedge, which would signal a continuation of the downtrend.

Pepe Attempts to Find New Lows

A falling wedge pattern occurs when an asset’s price moves between two downward-sloping trend lines. The upper trend line serves as resistance, while the lower trend line acts as support.

Typically, despite the downtrend within the wedge, this pattern is considered bullish because the price often breaks out above the upper trend line upon completion, leading to an upward movement.

However, PEPE may be an exception. Since August 25, the meme coin’s price has been on a downtrend, dropping by 15% and pushing it closer to the lower line of the falling wedge.

pepe falling wedge
PEPE Price Analysis. Source: TradingView

When an asset’s price breaks below the lower trendline of a falling wedge, it invalidates the bullish projection typically associated with this pattern and suggests that the downtrend may continue.

PEPE’s technical setup supports this possibility. The altcoin has fallen below key moving averages, trading beneath both its 20-day exponential moving average (EMA) and its 50-day simple moving average (SMA).

The 20-day EMA reflects an asset’s average price over the past 20 trading days, while the 50-day SMA tracks its average closing price over the past 50 days. When an asset’s price is below these averages, it indicates weakening momentum and the likelihood of continued downtrend as selling pressure intensifies. If PEPE reverses course and begins an uptrend, these moving averages will act as resistance, potentially leading to another price correction.

Read more: Pepe (PEPE) Price Prediction 2024/2025/2030

pepe 20-day ema and 50-day sma/ RSI
PEPE Price Analysis. Source: TradingView

Additionally, PEPE’s Relative Strength Index (RSI) remains below its neutral line and has been in this position for most of the past month. The RSI measures whether an asset is overbought or oversold.

At 43.13 and declining at press time, PEPE’s RSI suggests low buying activity among market participants.  

PEPE Price Prediction: All Lies With the Bulls

The bearish sentiment surrounding PEPE is further evidenced by its negative weighted sentiment, which currently stands at -0.76.

A weighted sentiment value below zero indicates that the overall online conversation about the asset is predominantly negative. This negativity often signals a continued decline in the asset’s price.

pepe weighted sentiment
PEPE Weighted Sentiment. Source: Santiment

If PEPE bulls fail to defend the lower line of the falling wedge, the meme coin’s price could decline to its August 5 low of $0.0000059, representing a 28% drop from its current value.

Read more: Pepe: A Comprehensive Guide to What It Is and How It Works

pepe price prediction
PEPE Price Analysis. Source: TradingView

However, if the current trend reverses and PEPE resumes its uptrend, its price could rise to $0.0000086.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Base DEX Volume Approaches $3 Billion Amid Growing Adoption

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Base, Coinbase’s Layer-2 (L2) blockchain solution, has reached new heights, setting an all-time high daily decentralized exchange (DEX) trading volume near $3 billion.

This milestone reflects Base’s growing prominence in the L2 space and its role in scaling on-chain transactions for Coinbase users.

Base Hits New Milestone in DEX Volume

Blockchain analyst Dan Smith highlighted Base L2’s record-breaking volume of $2.9 billion, including $1.3 billion in ETH-USD trading, which also hit an all-time high. Other trading pairs, such as ETH-cbBTC and BTC-USD, were close to breaking their own records.

Base DEX Volume By Pair Type
Base DEX Volume By Pair Type. Source: Blockworks Research

The $2.9 billion DEX volume reflects Base’s growing appeal among traders, particularly in ETH-USD pairs, which benefited from recent price volatility. Alexander, another blockchain enthusiast, noted that this milestone marked the first time Base nearly tagged $3 billion in daily volume, alluding to the development as evidence of L2’s growing adoption.

AerodromeFi, a liquidity-focused decentralized protocol on Base, also recorded an all-time high of $1.68 billion in volume, further emphasizing the ecosystem’s momentum.

“This is the first time Base nearly passed $3 billion and AerodromeFi set a new ATH of $1.68 billion in volume,” Alexander commented.

Base’s success is particularly notable because it operates without a native token. Coinbase explicitly ruled out launching a token for Base, prioritizing ecosystem growth and user adoption instead. This approach has likely contributed to its traction by focusing on utility and reducing speculative risks that could deter long-term users.

“There are no plans for a Base network token. We are focused on building, and we want to solve real problems that let you build better,” Base lead developer Jesse Pollak stated recently.

Consistent Growth in Transactions and TVL

The recent achievement follows Base’s earlier milestones, including reaching one billion transactions two months ago and surpassing six million daily transactions in October. More closely, the network recently outpaced Ethereum in user growth amid growing crypto markets.

Additionally, Base’s Total Value Locked (TVL) has seen consistent growth, indicating increased user participation, asset inflows, and liquidity within its ecosystem. A rising TVL signals greater confidence in the platform, fostering a stronger and more sustainable DeFi environment.

Base TVL and DEX Volume
Base TVL and DEX Volume. Source: DefiLlama

Despite its impressive growth, Base has faced some criticism. The network was accused of copying aspects of an NFT project, sparking concerns over originality and intellectual property. While this controversy did not deter adoption, it highlights the challenges of rapid innovation in the competitive blockchain space.

Base’s trajectory positions it as a serious contender in the L2 space, competing with established players like Arbitrum (ARB) and Optimism (OP). Its emphasis on utility, combined with rising user participation and liquidity, paints a promising picture for its future.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Is a Drop Below $0.92 Inevitable?

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Cardano’s recent sideways price action has led to a surge in demand for short positions among futures traders.

As the coin’s momentum slows, traders are increasingly betting on a price decline, signaling a bearish sentiment toward ADA.

Cardano Traders Bet on a Price Decline

According to Coinglass, ADA’s Long/Short Ratio is at a monthly low of 0.82, indicating a high demand for short positions.

An asset’s Long/Short Ratio compares the number of its long (buy) positions to short (sell) positions in a market. As with ADA, when the ratio is below one, more traders are betting on the price falling (shorting) rather than rising. If short sellers continue to dominate, this can increase the downward pressure on the asset’s price.

ADA Long/Short Ratio
ADA Long/Short Ratio. Source: Coinglass

Additionally, ADA’s Weighted Sentiment remains negative, currently standing at -0.074, reinforcing the bearish outlook for the altcoin.

Weighted Sentiment gauges the overall market bias by analyzing the volume and tone of social media mentions. A negative value signals growing skepticism among investors, often leading to reduced trading activity and downward pressure on the asset’s price.

ADA Weighted Sentiment.
ADA Weighted Sentiment. Source: Santiment

Notably, ADA whales have reduced their trading activity over the past week, with the coin’s large holders’ netflow dropping by 90.29%, according to IntoTheBlock.

Large holders, defined as addresses holding more than 0.1% of an asset’s circulating supply, play a significant role in market movements. A decline in their netflow indicates reduced buying activity, adding to the downward pressure on ADA’s price.

ADA Large Holders Netflow.
ADA Large Holders Netflow. Source: IntoTheBlock

ADA Price Prediction: Recovery to $1 or Decline to $0.80?

ADA is currently trading at $0.98, hovering just above its support level of $0.90. If bearish pressure intensifies, the price may test this support. A failure to hold at $0.90 could see ADA’s decline extend further, potentially dropping to $0.80.

ADA Price Analysis.
ADA Price Analysis. Source: TradingView

Conversely, if buying activity resurges, ADA’s price could stabilize above the $1 mark.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Will It Smash Another ATH?

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Este artículo también está disponible en español.

Bitcoin price started a fresh increase above the $104,000 zone. BTC is consolidating above $105,000 and might aim for a new all-time high.

  • Bitcoin started a decent increase above the $102,500 resistance zone.
  • The price is trading above $104,500 and the 100 hourly Simple moving average.
  • There was a break above a connecting bearish trend line with resistance at $104,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another increase if it stays above the $103,500 support zone.

Bitcoin Price Regains Traction

Bitcoin price started a decent upward move above the $102,500 zone. BTC was able to climb above the $103,500 and $104,000 levels.

The bulls even pushed the price above the $105,000 level. Besides, there was a break above a connecting bearish trend line with resistance at $104,000 on the hourly chart of the BTC/USD pair. The pair surpassed the 50% Fib retracement level of the downward move from the $109,112 swing high to the $100,114 low.

Bitcoin price is now trading above $104,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $107,000 level. It is close to the 76.4% Fib retracement level of the downward move from the $109,112 swing high to the $100,114 low.

The first key resistance is near the $107,500 level. A clear move above the $107,500 resistance might send the price higher. The next key resistance could be $109,000.

Bitcoin Price
Source: BTCUSD on TradingView.com

A close above the $109,000 resistance might send the price further higher. In the stated case, the price could rise and test the $110,000 resistance level and a new all-time high. Any more gains might send the price toward the $112,500 level.

Downside Correction In BTC?

If Bitcoin fails to rise above the $107,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $104,500 level. The first major support is near the $103,500 level.

The next support is now near the $102,800 zone. Any more losses might send the price toward the $100,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $104,500, followed by $103,500.

Major Resistance Levels – $107,000 and $108,500.



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