Pepe Coin Price Analysis: $0.00001 Break Imminent Amid Whale Sell-off?
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?
- CEA Industries’ BNB Holdings Reach 480K as Binance Coin Hits New ATH of $1,300
- Peter Brandt Predicts XRP Could Drop to $2.2 If This Happens
- Fed’s Stephen Miran Says He’s ‘Sanguine’ on Inflation Outlook as He Backs More Rate Cuts
- S&P Launches Crypto 50 Index But There’s A Catch
- NYSE Owner ICE to Invest $2B in Polymarket as Interest in Prediction Markets Heats Up
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
- Cardano Price Consolidates Below Key Resistance Ahead of ETF Verdict — Is a 50% Rally in Sight?
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
