PEPE Coin Hits $0.00001 Amid Whale Sell-Off – What's Next?
Release: 2024/12/20 11:49 Reading: 827
PEPE Coin Faces Correction Amid Whale Sales and Bearish Trend
Following the U.S. Federal Reserve's 25 basis point rate cut, the cryptocurrency market has experienced a renewed downturn in late December. The impact has been particularly pronounced on meme coins, including PEPE, due to their speculative nature.
Key Points:
- The formation of a double-top chart pattern may lead to an extended correction below $0.00001.
- Support levels at $0.000017 and $0.0000128 (corresponding to the 100- and 200-day exponential moving averages) will be crucial for buyers.
- A bearish divergence in the Relative Strength Index (RSI) indicates waning bullish momentum.
Whale Sales Amplify Downward Pressure
Amid the market downturn, a major whale moved 150 billion PEPE tokens (worth $2.72 million) to Binance to mitigate losses. This follows a previous transaction on November 28th, where the whale withdrew a similar amount of PEPE and SHIB.
According to Lookonchain data, the whale currently faces significant unrealized losses on both PEPE ($219,000) and SHIB ($136,000). If PEPE's price continues to decline, the whale may further liquidate its position. Historically, such whale exits have coincided with market corrections and bearish sentiment.
Double-Top Pattern Hinting at Major Breakdown
Following the Fed's hawkish announcement, Bitcoin's price plummeted below $100,000, triggering a correction across the altcoin market. PEPE has witnessed a significant drop from $0.000022 to $0.0000174 in the past 48 hours.
A daily chart analysis reveals the formation of a classic double-top reversal pattern. This pattern is characterized by two major reversals from a common resistance level, resulting in an "M" shape.
Furthermore, the RSI indicator shows a bearish divergence, with lower highs despite higher peaks in price. This suggests a loss of bullish strength.
Under the influence of this pattern, PEPE's price could break below the neckline support at $0.0000172, intensifying the selling pressure. The subsequent decline could lead to a 55% drop to $0.0000077.
Conversely, if buyers defend the $0.000017 support, the price may stabilize, allowing for the accumulation of bullish momentum for a potential rally.
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