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▲ Pepe (PEPE)/AI generated image
Even in a sharp decline where Bitcoin (BTC) fell below $75,000, Pepe (PEPE) defended the $0.00000350 support level, showing an unusual resilience amidst a meme coin sell-off.
According to the cryptocurrency specialized media CoinGape on May 28 (local time), Pepe maintained its short-term support even as Bitcoin fell below $75,000. Bitcoin dropped 2.45% to $74,971, and the total cryptocurrency market capitalization decreased by 2% to $2.52 trillion. CoinGape cited deteriorating risk asset sentiment, outflows from new ETFs, and geopolitical variables surrounding the Iran-US peace process as reasons for the decline.
Despite the bearish market, whale buying movements helped defend Pepe's price. According to on-chain data, two wallets potentially managed by the same whale opened a 10x long position worth 1.31 billion kPEPE, approximately $4.62 million, in the last three hours. CoinGape reported that large traders' leveraged long positions were interpreted as a sign of short-term confidence and direct buying support.
However, overall market pressure remains significant. According to SoSoValue data, on May 26, Bitcoin spot ETFs saw a net outflow of $334 million, marking seven consecutive trading days of capital withdrawal. Ethereum (ETH) spot ETFs also experienced an outflow of $35,038,300, showing a net outflow trend for 11 consecutive trading days.
In terms of technical trends, the defense of the $0.00000350 support level has been presented as a key variable. On the 4-hour chart, the Moving Average Convergence Divergence (MACD) remained below the 0-line, indicating that bearish pressure had not completely disappeared, but the decline in the indicator line slowed, suggesting a potential weakening of selling momentum. The Chaikin Money Flow (CMF) pointed to a slight capital inflow near 0.09.
Pepe encountered resistance near $0.00000380 earlier this week, and this area remains the primary short-term resistance. A clear breakthrough of $0.00000380 could open the way towards $0.00000400, but if $0.00000350 breaks down, additional downward pressure would increase, potentially leading to corrections towards $0.00000340 and then $0.00000330.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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