Pepe (PEPE), the third-largest meme coin in the crypto space, is showing signs of a potential price decline 📊 after forming a bearish pattern. Following a major crash on January 7, 2024, investors are bracing for further downside.
🐋 Whale Dumps 427 Billion PEPE Coins
A whale offloaded 427 billion PEPE coins worth approximately $8.5 million 🤑 onto the Kraken exchange within 30 hours. Despite this sell-off, the whale still holds 1 trillion PEPE with a profit of $2 million.
This isn’t the first time this whale has made moves; back in December 2023, they sold a large amount of PEPE, securing a profit of $2 million. However, the current sale has created increased selling pressure and heightened fears of a further price drop 📉.
📊 Technical Analysis for PEPE
PEPE has formed a bearish head-and-shoulders pattern on its daily chart 📈, signaling a potential major breakdown:
Key Levels to Watch:
If PEPE closes below the critical $0.0000166 level, the price could drop by another 20%, targeting $0.000013.RSI Indicator:
PEPE’s RSI is nearing oversold territory, suggesting a possible bounce 📈. However, bearish market sentiment may overshadow this potential upside.
📉 Declining Open Interest and Market Activity
Investor confidence is shaky, with open interest dropping by 15%. Yet, PEPE’s trading volume surged by 10% in the past 24 hours, reflecting heightened activity 📊.
Currently, PEPE trades near $0.0000178, marking a 5.5% decline in the last day.
⚠️ Outlook for PEPE
PEPE is at a critical level:
Support: $0.0000166
Resistance: $0.0000195
If it breaks below support, expect further decline 🚨. On the other hand, oversold conditions could spark a short-term recovery 🚀.
👀 What’s next for PEPE? Will it rebound or dip further? Share your thoughts below!
#PEPE 🐸 #CryptoNews 📉 #MemeCoins 💰 #CryptoMarket 🌐 #TradingTips 📊