$PEPE Price Analysis: Whale Dumps $112,000 Worth of Tokens Amid Downtrend - CoinGape Analytics

The current correction trend in Pepe coin was initiated at May End as the price reverted from  $0.00001725. Since then, the meme coin has witnessed a steady downtrend of lower highs and lows resonating with two downsloping trendlines.

The bearish turnaround has tumbled the asset 39% down to $0.00001048, while the market cap plunged to $4.42 Billion. An analysis of the daily chart shows the falling trendline reveals the formation of a bull flag pattern. This chart pattern is known to drive temporary counter-trend moves for buyers to recuperate their strengths.

Despite the correction, the PEPE price is still above the 50% Fibonacci retracement tool indicating the long-term trend remains bullish and buyers remain a dominant force in this asset.

Early investment by this whale turned $45,000 into $26.7 million, marking a 58.6% gain. Currently holding 1.99 trillion PEPE tokens valued at $21.9 million, the whale’s activity underscores the profitability of early investments. However, the recent sell-off suggests the large holder may not expect a strong upside in PEPE in the near time.

Thus, a breakout from the flag pattern resistance is necessary to end the current correction trend. With sustained buying, the post-breakout rally could surpass $0.0000135 and rechallenge the $0.00001725 peak.