$PEPE Aims for 18% Price Decline Amid Bearish Price Action - CoinPedia Analytics

PEPE has faced a notable 2.75% price drop in the last 24 hours, currently trading around $0.00000797. This price decline coincides with a 4.9% dip in trading volume, suggesting reduced interest from traders amid broader market volatility.

From a technical perspective, PEPE's recent break below a key support level in a descending triangle pattern on the daily chart signals bearish momentum. If PEPE closes below the $0.00000795 mark, analysts predict a potential further decline of 18%, possibly hitting $0.0000065 in the near future. Additionally, the breach of the 200 EMA strengthens the bearish outlook.

Despite this, on-chain data reveals a surge in whale activity, with large transactions rising by 36% in the last 24 hours. This spike in interest from institutional investors suggests that while the overall trend is bearish, there may still be bullish sentiment brewing, particularly with upcoming global events like the U.S. presidential election, which could influence market dynamics.