PEPE pricing to correct as whale takes gains
Market structure becomes bearish when Pepe price drops below $0.0000105, the daily support level.
According to Lookonchain, a whale deposited 400 billion PEPE tokens worth $4.22 million on Binance.
Generally, holders are selling their assets and increasing selling pressure as the Network Realized Profit/Loss statistic rises.
A daily candlestick above $0.0000131 would disprove bearishness.
Pepe (PEPE) lost 2.5% on Friday after falling below daily support on Thursday. On-chain data reveals holders selling assets and increasing selling pressure, which might drop the frog-themed meme currency price in the coming days.
Lookonchain data shows that a whale deposited 400 billion PEPE tokens, worth $4.22 million, on Binance on Thursday, further bolstering the negative picture.
PEPE price risks After breaching major support, 10% decrease
Pepe fell below daily support at $0.0000105 on Thursday. Friday's price is $0.0000102, down 2.5%.
PEPE might fall 10% and retest its July 15 daily low of $0.0000092 if $0.0000105 serves as resistance.
On the daily chart, the Relative Strength Index (RSI) has fallen below 50 and the Awesome Oscillator (AO) is nearing zero. PEPE's stock might fall more if both indications remain unfavorable.
If PEPE closes below the mid-April rising trendline, it might drop 18% to $0.0000076, its July 5 low.
On Thursday, PEPE's NPL indicator rose from -23,432 to 6.59 million. These increases since mid-July imply that holders are selling their bags at a profit and increasing selling pressure.
However, PEPE exchange supply, which has been rising since July 4, gained 1% during this event. This suggests investors are selling PEPE tokens on exchanges, supporting the negative argument.
A higher daily high would falsify the negative thesis if Pepe's daily candlestick finishes above $0.0000131, notwithstanding the on-chain measure and technical analysis. Pepe would rise 20% to $0.0000157 on June 1.
