Saad Ullah
Pepe can't seem to catch a break above its 100-day moving average as heavy selling continues to weigh on the meme token. The third-largest meme coin by market cap is showing clear signs that big holders are dumping their bags.
PEPE Gets Rejected at Key Technical Level
PEPE tried to break above its 100-day simple moving average early Monday, briefly hitting $0.00001009 before getting smacked down hard. The token is now trading 1% lower at $0.00000992, according to CoinDesk data, and it's looking pretty weak from a technical standpoint.
What's really telling is the volume action - we're seeing four distinct periods of heavy selling that have created a nasty descending resistance line. This isn't your typical profit-taking; it looks more like systematic distribution by whales who want out.
The numbers don't lie either. Someone just moved 500 billion PEPE tokens worth $3.85 million to Binance, which is a pretty clear signal that big money is heading for the exits. These kinds of whale movements usually spell trouble for any crypto, especially meme coins that rely heavily on retail sentiment.
PEPE Stuck in No Man's Land
Right now, PEPE is trapped in a sideways range between the June highs and lows. The token is basically ping-ponging between $0.00000099 support and $0.0000102 resistance, and neither side seems to have enough conviction to make a decisive move.
The RSI is sitting at 44.29, which puts it in neutral territory - not oversold enough to attract buyers, but not overbought enough to trigger more selling. It's that dreaded middle ground where nothing really happens until something breaks.
If PEPE can't hold this consolidation pattern, we're probably looking at a continuation of the downtrend that started back in May. That could get ugly fast, especially with all the distribution pressure we're seeing.
Long-Term Bulls Still Believe in PEPE
Despite all the current drama, some analysts are still bullish on PEPE's long-term prospects. They're throwing around price targets like $0.000035 by 2025 and even $0.0258 by 2030, though those numbers seem pretty optimistic given where we are right now.
The meme coin space is definitely showing some rotation lately. Bonk jumped 6-7% on ETF rumors while Dogwifhat got hammered, dropping 4-10% and testing key support levels. It's classic meme coin behavior - when one pumps, another dumps.
For now, PEPE holders need to watch that $0.00000099 support level like a hawk. If that breaks, things could get messy pretty quickly. But if the token can somehow find its footing and reclaim that 100-day average, maybe there's still hope for the frog army after all.
Saad Ullah
