Pepe remains under pressure on Thursday after facing rejection near the 200-day exponential moving average around the $0.0000036 threshold. The meme coin has struggled to maintain upward momentum as market participants navigate mixed technical signals and shifting on-chain dynamics. Analysts are closely watching distribution patterns among major wallet holders, which could influence the token's trajectory in the near term.
Santiment Data Highlights Whale Offloading
Data from Santiment indicates that large-wallet holders, commonly referred to as whales, are actively reducing their holdings following substantial gains earlier in August. Specifically, wallets holding between 10 million and 100 million tokens have offloaded 80 billion PEPE tokens since August 25. In contrast, smaller tiers holding between 1 million and 10 million tokens as well as those with 100,000 to 1 million tokens have accumulated 5.06 billion tokens during the same timeframe. This divergence points to profit-taking by larger investors while retail participants continue to buy the dip, creating potential selling pressure.
Technical Indicators Signal Cautious Momentum
The token traded around $0.00000348 on Thursday following a rejection at the 200-day EMA of $0.00000364 in the previous session. Momentum oscillators reinforce the cautious outlook, with the Relative Strength Index drifting downward toward the neutral 50 centerline. Additionally, the Moving Average Convergence Divergence indicator printed a bearish crossover in the prior week that remains active, sustaining negative sentiment across short-term charts.
Support And Resistance Levels To Watch
Downside support is currently anchored by the 50-day and 100-day moving averages near $0.00000320, followed by horizontal support around $0.00000313. A decisive daily close beneath this support cluster could expose the token to a deeper correction toward the $0.00000230 region. Conversely, immediate resistance remains at the 200-day EMA near $0.00000364, with a successful breakout potentially clearing the path toward $0.00000442.
Broader Crypto Market Context
The wider digital asset landscape is also experiencing consolidation. Assets like Ripple and Stellar have faced downward pressure after losing over 2% and 3% respectively during the week, nearing crucial technical support zones. Meanwhile, Bitcoin has traded below $78,000 amid hawkish macroeconomic conditions and rising bond yields, even as broader monthly metrics continue to reflect outperformance relative to traditional equities.
