Will Pepe Coin fall below $0.00001? Whale selling triggers market panic
The Federal Reserve cut interest rates by 25 basis points, and the cryptocurrency market plummeted in the second half of December.
Memetic currencies are inherently volatile and susceptible to speculation, so they are even more vulnerable to negative news. Now that whales are selling and bearish sentiment is coming together, the price of Pepe Coin may fall below $0.00001.
CoinMarketcap data shows that the total value of the meme market is $105 billion, with a 24-hour trading volume of $28 billion.
Here comes the point:
Once the double top pattern is out, the price of Pepe Coin may fall below $0.00001 for a long time.
Investors are now looking at the 100-day and 200-day exponential moving averages, which are between $0.000017 and $0.0000128, to find support for the callback.
Bearish relative strength index divergence, Pepe Coin price appears limp.
PEPE coin price falls, whales may have run away
A big whale transferred 150 billion PEPE tokens (worth $2.72 million) to Binance, but lost money as soon as the market fell. The whale had previously withdrawn 150 billion PEPE (US$2.94 million) and 60 billion SHIB (US$1.52 million) from Binance.
Lookonchain data shows that the whale lost more than $200,000 on both PEPE and SHIB. If PEPE falls again, the whale may sell more. Once the whale runs away, the market falls with it, and pessimism arises.
Powell spoke tough, Bitcoin fell below $100,000, and the altcoin market also fell. In the previous 48 hours, the frog-themed Pepe fell 22% from $0.000022 to $0.0000174.
Looking at the daily chart, this is a modified double top pattern. Two big tops come out of the common resistance area on the chart, like an "M".
When the price is the highest, the RSI indicator is low, which is a bearish divergence, indicating that the upward force is gone.
From this point of view, the price of Pepe Coin may fall below the support level of $0.0000172, and the selling pressure will be greater. Once it falls below, this asset may plummet 55% to $0.0000077.
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