On-chain metrics reveal that exchanges have seen $6.8 million worth of PEPE inflows.
PEPE could rally 40% to reach the next resistance at $0.000026 if it holds above $0.000018.
Pepe [PEPE], the 3rd largest and most popular Cryptocurrency Meme Coin, saw a significant 20% price drop after the Fed Chairman expressed his stance against Cryptocurrencies.
However, the Chairman’s statement not only caused a price drop for PEPE but also triggered a massive sell-off across the entire Cryptocurrency market.
Whale sells $2.7 million PEPE at a loss
Amidst this turmoil, a whale appears to have dumped 150 billion PEPE worth $2.72 million on Binance, the world's largest cryptocurrency exchange, for a loss of $219,000, blockchain-based transaction tracker Lookonchain said.
This major sell-off occurred as the market began to experience a price decline.
Source: X
In a post on X (formerly Twitter), Lookonchain said the whale withdrew Meme Coin on November 28 along with 60 billion Shiba Inu (SHIB) coins.
Alongside these whales, long-term holders also appear to be dumping assets onto exchanges, according to a report from on-chain data analytics firm Coinglass.
Data from PEPE inflows/outflows shows that exchanges saw a massive inflow of $6.80 million worth of PEPE.
This large inflow indicates a shift of assets from personal wallets to exchanges, which is a bad sign for investors as it could signal a price drop and increased selling pressure.
Technical Analysis and Important Levels of PEPE
Despite a significant sell-off from whales and long-term holders, PEPE managed to hold above the crucial support level of $0.000018.
According to expert technical analysis, PEPE price has started to recover after finding support at this level.
Based on the recent price action, if PEPE sustains above $0.000018, there is a high chance that it could surge 40% to reach the next resistance level at $0.000026 in the future.
Source: TradingView
On the positive side, its Relative Strength Index (RSI) is currently near the oversold zone, suggesting a price recovery is likely.
When combining on-chain indicators with technical analysis, the sell-off appears to reflect the fears of whales and long-term holders.
PEPE is currently trading near $0.0000191 and has dropped more than 12% in the past 24 hours. During the same period, its trading volume has increased by 63%, indicating strong participation from traders and investors amid the market sell-off.
