Pepe (PEPE), the third-largest meme coin in the crypto space, is showing signs of a potential price decline ๐ after forming a bearish pattern. Following a major crash on January 7, 2024, investors are bracing for further downside.
๐ Whale Dumps 427 Billion PEPE Coins
A whale offloaded 427 billion PEPE coins worth approximately $8.5 million ๐ค 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 isnโt 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 ๐.
๐ Technical Analysis for PEPE
PEPE has formed a bearish head-and-shoulders pattern on its daily chart ๐, 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:
PEPEโs RSI is nearing oversold territory, suggesting a possible bounce ๐. However, bearish market sentiment may overshadow this potential upside.
๐ Declining Open Interest and Market Activity
Investor confidence is shaky, with open interest dropping by 15%. Yet, PEPEโs trading volume surged by 10% in the past 24 hours, reflecting heightened activity ๐.
Currently, PEPE trades near $0.0000178, marking a 5.5% decline in the last day.
โ ๏ธ Outlook for PEPE
PEPE is at a critical level:
Support: $0.0000166
Resistance: $0.0000195
If it breaks below support, expect further decline ๐จ. On the other hand, oversold conditions could spark a short-term recovery ๐.
๐ Whatโs next for PEPE? Will it rebound or dip further? Share your thoughts below!
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