Pepe Coin Price Analysis: $0.00001 Break Imminent Amid Whale Sell-off?

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As a seasoned crypto investor with several years of experience under my belt, I’ve learned to read between the lines when it comes to price analysis and market trends. The recent correction in Pepe Coin, as highlighted in this article, is a cause for concern, but it’s not enough to make me panic sell.

During Asian trading hours on Wednesday, selling pressure increased significantly in the crypto market, causing Bitcoin‘s price to drop almost 4%. This decline brought Bitcoin back to the $60,000 mark, raising concerns about a possible continuation of the downtrend for many major altcoins, including PEPE. The Frog-themed memecoin experienced an 8% loss on the day and further correction with a developing channel setup. Given these circumstances, it’s essential to carefully evaluate your investment strategy.

Pepe Coin Price Analysis: Whale Dumps $112,000 Worth of Tokens Amid Downtrend

Pepe Coin Price Analysis: $0.00001 Break Imminent Amid Whale Sell-off?

At the end of May, there was a correction in Pepe coin’s price trend which began when it reversed from $0.00001725. Since then, this meme coin has exhibited a consistent pattern of lower highs and lows, mirroring two descending trendlines.

As an analyst, I’ve observed a significant bearish reversal that has driven the asset’s price down 39% to $0.00001048, and the market capitalization has plummeted to $4.42 billion. Analyzing the daily chart, I noticed a falling trendline, which suggests a potential bull flag pattern formation. Known for its ability to provoke temporary counter-trend rallies, this chart pattern may provide buyers an opportunity to regain their footing.

As a crypto investor, I’ve noticed that despite the recent correction, the PEPE token’s price has not dipped below the 50% Fibonacci retracement level. This suggests to me that the long-term bullish trend is still intact and buyers continue to have the upper hand in this asset.

The PEPE cryptocurrency is presently experiencing a downturn, and a significant sell-off by astute investors suggests a potential drop below $0.00001. Notably, a major investor, dimethyltryptamine.eth, has resurfaced after an absence of ten months, offloading 10 billion PEPE tokens (equivalent to $112,000) for 32.73 Ether.

I’ve been away from my $PEPE investment for over 10 months, but recently, dimethyltryptamine.eth decided to sell. They offloaded a large amount of $PEPE, which equated to around 10 billion tokens, worth approximately $112,000 at the time. This transaction took place about 5 hours ago and yielded them around 32.73 Ethereum ($ETH).
Notably, dimethyltryptamine.eth was an early $PEPE buyer who turned $45K into $26.7M (+58.6K%).
Currently, the whale holds 1.99T $PEPE ($21.9M).…
— Spot On Chain (@spotonchain) July 3, 2024

This major investor saw their initial $45,000 stake grow exponentially to a staggering $26.7 million, representing a substantial 58.6% profit. With a current holdings of approximately 1.99 trillion PEPE tokens valued at around $21.9 million, the whale’s actions serve as evidence of the potential gains from early investments in this asset. However, their recent selling activity hints that they might not anticipate significant price increases for PEPE in the near future.

A breach of the flag pattern’s resistance level is crucial for the correction to end, leading to a potential rally beyond $0.0000135 towards challenging the previous high of $0.00001725 with strong buying pressure.

Technical Indicator

  • BB Indicator: The downtick in the lower Bollinger Band accentuates aggressive selling and no sign of reversal yet.
  • ADX: An uptick in the daily Average Directional Index slope at 20% indicates the sellers are gaining momentum which could lead to a prolonged downfall.

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2024-07-03 20:01