In the past 24 hours, the PEPE token has experienced a sharp drop of 9.83%. This sharp fluctuation is mainly due to the active whale trading and the bearish technical signals in the market. Let's analyze in depth what drove the "roller coaster" market of PEPE this time?

Whale trading triggers a sell-off

Recently, the activity of whales in the PEPE market has surged, causing a sharp increase in market volatility. A whale transferred 427 billion PEPE tokens worth $8.5 million to the Kraken exchange in the past 30 hours. This large transaction has obviously intensified the selling pressure in the market, pushing the price of PEPE down all the way.

What is more worrying is that the whale still holds 1 trillion PEPE tokens, currently worth about $18.4 million, and he had previously made a profit of $2 million from PEPE transactions. This scale of holdings not only highlights the market influence of whales, but also exacerbates the instability of market sentiment.

Double top pattern confirms downtrend

Technically, a classic bearish double top pattern has formed on the PEPE/USDT price chart, which usually indicates that prices will fall further. The appearance of the double top means that around $0.00001950, PEPE encountered strong selling pressure, forming an obvious resistance level.

Once the price breaks through the neckline support of the double top ($0.00001855), PEPE’s downtrend will be confirmed. Currently, its trading price is close to $0.00001849, which is consistent with the prediction of the bearish double top pattern.

The market is weak and selling pressure is heavy

Key technical indicators further add to the bearish sentiment in the market. Both the 50-day and 200-day SMAs show a bearish trend, and the price remains below these two moving averages, suggesting more room for selling. The relative strength index (RSI) is currently at 27.34, which is in oversold territory. Although this may mean that there is a chance for a rebound in the short term, the overall trend remains bearish unless strong buying support emerges.

Bullish and Bearish Outlook for PEPE Tokens

At present, PEPE faces two possible directions:

  • Bullish scenario: If buyers enter at $0.00001800, the oversold RSI may signal a short-term rebound and PEPE may challenge the $0.00001855 resistance. If the trading volume and market sentiment improve, the price is expected to recover further.

  • Bearish scenario: If PEPE fails to break above $0.00001855 and the price drops below $0.00001800, the downside pressure will intensify and $0.00001750 will become the next critical support. In this case, the selling pressure may further increase, forming a stronger bearish trend.

Conclusion: Can PEPE reverse the downward trend?

The future trend of PEPE tokens is full of uncertainty. The current technical signals and whale trading activities in the market show a clear bearish trend. However, as market sentiment changes, there is still a possibility of a short-term rebound. Investors need to pay attention to the breakthrough of key support and resistance levels to seize the best trading opportunities.

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