Pepe Coin Price Forms Multi-Year H&S Pattern as Whale Selling Intensifies

Pepe Coin price trades at $0.0000065 today, Oct. 31, up by 1.75% from the previous day. This mild rebound mirrors what is happening in the broader crypto market. Still, this price action may be a dead-cat bounce that will trigger more downside as it is in the midst of a multi-year head-and-shoulders (H&S) pattern.

Pepe Coin Price Giant Head & Shoulders Pattern Has formed

The Pepe Coin price is in the process of forming the highly bearish head-and-shoulders pattern on the daily timeframe. This pattern started forming at least in March last year.

As the name suggests, the H&S pattern has a close resemblance to how a human being looks. In this case, its head was the highest point in November 2024, while the left shoulder was the March high. The right shoulder was the peak in May this year, while the current price is alongside the neckline point. 

The distance from the head to the shoulder is about 80%. Therefore, measuring the same percentage point from the neckline brings the target price to $0.0000011, its lowest level since February 2024. This means that $10,000 invested in the coin today could be worth $1,865 if this target happens.

Pepe Coin price has other bearish catalysts on the daily chart. For example, it has already formed a death cross pattern. This is a highly bearish pattern that happens when the 50-day and 200-day moving averages cross each other. 

Pepe price also remains below the Ichimoku cloud and the Supertrend indicators. Also, oscillators like the Relative Strength Index (RSI) and the Percentage Price Oscillator (PPO) have all pointed downwards.

On the flip side, a move above the key resistance level at $0.00001615, which is the right shoulder, may invalidate the bearish Pepe price forecast and point to more upside. 

Meme Coins Crash and Whale Selling

The other bearish catalyst for the Pepe Coin price is that meme coins have been in a freefall this year. Data compiled by CoinGecko shows that most meme coins have plunged this year. 

As a result, the market capitalization of all these tokens has dropped from the year-to-date high of over $100 billion to $60 billion today. All tokens like Dogecoin, Shiba Inu, and Bonk have all plunged by over 50% from their highest levels this year amid the crypto market crash.

Meanwhile, data shows that whales have sold over 2.05 trillion tokens in the past few days. They now hold 4.99 trillion tokens, a figure that may continue falling. Whale selling normally signals that these investors are capitulating and that they expect it to keep falling.