PEPE Price Wants to Revisit Yearly Lows Despite Strong Adoption

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.

Pepe price has generally decreased throughout the week, but the bear pressure continues unabated. Technical indicators show that PEPE price still has some headway to the downside. The overall crypto market cap fell 2.1% and the asset lost 0.9% despite positive Bitcoin ETF inflows. The high correlation between PEPE and Ethereum is currently impacting its price, with the ETH ETF experiencing negative inflows on August 15, indicating a price decline of 2.9%. Will PEPE be able to withstand the extreme selling pressure?

Good Stock Market Entries, Bad Pepe Price

PEPE is showing mixed indicators between price action and net exchange inflows. On August 15, PEPE in exchange reserves fell to $1.44 trillion ($10.89 million). However, the PEPE price continued to decline, losing 4% of its value in the last 24 hours and trading at $0.00000751.

Normally, when exchange reserves of a particular crypto asset decrease, this is good news as it indicates that investors aim to hold the coin in the medium to long term.

A possible reason for the mixed observation could be that investors moved their PEPE tokens to other exchanges or decentralized exchanges to take advantage of an arbitrage opportunity.

Coinglass data reveals that PEPE open interest (OI) and Cumulative Volume Delta (CVD) are declining. When this happens, it indicates that they are closing out long positions, possibly resulting in a loss since the funding rate (FR) is currently negative.

A negative FR indicates that the PEPE Futures price is lower than the spot price, indicating that the number of Shorters has increased and the price may fall further.

Despite the bad price, PEPE is still thriving in terms of adoption, reaching an average of approximately 430 new owners in the last 30 days, according to CoinCarp.

Very few coins outside of Bitcoin, Ethereum, and Solana are experiencing such rapid and consistent adoption. This is a bullish signal for PEPE price.

PEPE Looking to Revisit Yearly Lows

PEPE technical analysis shows that the asset still maintains a broader downtrend. The recent decline from the symmetrical triangle with a large red candle confirmed a strong bearish breakout and the continuation of this downtrend.

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