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Highlights
- As per Coingecko, the Top meme coin contributed to a market cap of $48.5 Billion, while the trading volume wavers at $4.3 Billion.
- Under the influence of the bull flag pattern, the PEPE price could be an extended correction below $0.00001.
- The 24-hour trading volume in the Pepe coin is $656.1 Billion, indicating a 58.67% gain.
Pepe Coin Price Analysis: On Wednesday during the Asian trading hours, the crypto market witnessed a surge in selling pressure as Bitcoin price fell nearly 4%. The BTC revisiting the $60000 sparked the possibility of a downtrend continuation in most of the major altcoins including PEPE. The Frog-themed memecoin is down 8% today, extending the correction fall with a channel setup. Should you stay invested?
Also Read: PEPE Price: Whale Sacks 1.2 Tln Coins Amid Monthly Crash, Is Price Gearing Up For Rally?
Pepe Coin Price Analysis: Whale Dumps $112,000 Worth of Tokens Amid Downtrend
The current correction trend in Pepe coin was initiated at May End as the price reverted from $0.00001725. Since then, the meme coin has witnessed a steady downtrend of lower highs and lows resonating with two downsloping trendlines.
The bearish turnaround has tumbled the asset 39% down to $0.00001048, while the market cap plunged to $4.42 Billion. An analysis of the daily chart shows the falling trendline reveals the formation of a bull flag pattern. This chart pattern is known to drive temporary counter-trend moves for buyers to recuperate their strengths.
Despite the correction, the PEPE price is still above the 50% Fibonacci retracement tool indicating the long-term trend remains bullish and buyers remain a dominant force in this asset.
However, the PEPE is currently in downward momentum and a recent sell-off from smart money hints at a breakdown below $0.00001. A major whale, dimethyltryptamine.eth, has re-engaged with PEPE after a 10-month hiatus, selling 10 billion PEPE tokens (worth $112,000) for 32.73 ETH.
Also Read: Binance Announces Delisting Of Key Crypto Pairs, Brace For Market Impact
After over 10 months of inactivity with $PEPE, dimethyltryptamine.eth returned to sell 10B $PEPE ($112K) for 32.73 $ETH ~5hrs ago.
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).… pic.twitter.com/dlTwu3Q4u9
— Spot On Chain (@spotonchain) July 3, 2024
Early investment by this whale turned $45,000 into $26.7 million, marking a 58.6% gain. Currently holding 1.99 trillion PEPE tokens valued at $21.9 million, the whale’s activity underscores the profitability of early investments. However, the recent sell-off suggests the large holder may not expect a strong upside in PEPE in the near time.
Thus, a breakout from the flag pattern resistance is necessary to end the current correction trend. With sustained buying, the post-breakout rally could surpass $0.0000135 and rechallenge the $0.00001725 peak.
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.
Frequently Asked Questions (FAQs)
1. What is a bull flag pattern?
2. What is the 50% Fibonacci retracement tool?
3. What does the ADX indicator measure?
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