The market structure becomes bearish when PIPE price falls below $0.0000105, which is the daily support level.
According to Lookonchain, a whale deposited 400 billion PEPE tokens worth $4.22 million on Binance.
Generally, owners sell their assets and selling pressure increases as the network's P/L statistic rises.
A daily candlestick above $0.0000131 would refute the downtrend.
PEPE (PEPE) lost 2.5% on Friday after falling below daily support on Thursday. On-chain data reveals that holders are selling assets and increasing selling pressure, which could lead to a decline in the price of the frog-themed meme coin in the coming days.
Lookonchain data shows that a whale deposited 400 billion PEPE tokens worth $4.22 million on Binance on Thursday, reinforcing the negative picture.
PEPE Price Risks After Breaking Key Support, 10% Down
Pepe fell below the daily support at $0.0000105 on Thursday. Friday's price is $0.0000102, down 2.5%.
PEPE price may fall 10% and retest July 15 daily low at $0.0000092 if $0.0000105 acts as resistance.
On the daily chart, the Relative Strength Index (RSI) has fallen below 50 and the AO is approaching zero. PEPE stock may decline further if both indicators remain unfavorable.
If PEPE price closes below the mid-April uptrend line, it could fall 18% to $0.0000076, the low of July 5.
On Thursday, PEPE's non-performing loan index rose from -23,432 to 6.59 million. These increases since mid-July indicate that bag holders are selling their bags at a profit and adding to selling pressure.
However, PEPE's exchange bid, which has been rising since July 4, rose 1% during the event. This suggests that investors are selling PEPE tokens on exchanges, supporting the negative argument.
A higher daily upside would disprove the negative hypothesis if the daily Pepe candle ended above $0.0000131, despite on-chain measurement and technical analysis. Pepe will rise 20% to $0.0000157 on June 1.
