Pepe coin price slips as smart money sells: has the rally ended?
Release: 2024/12/19 00:34 Reading: 759
Pepe Coin Suffers Bearish Slide
Pepe (PEPE), the third-largest meme coin globally, has taken a downturn over the past three days, invalidating a previous bullish pattern and establishing a bearish trend.
On December 14th, Pepe hit a low of $0.00002117, marking its lowest level since December 6th. This decline coincided with broader cryptocurrency market losses, including Bitcoin (BTC), which fell to $104,400.
During this period, Pepe experienced a high volume of trading activity, with its 24-hour volume reaching $2.2 billion, surpassing that of Shiba Inu (SHIB).
The ongoing crypto sell-off has been influenced by traders' anticipation of the upcoming Federal Reserve decision.Analysts predict that the bank may slash interest rates for the third time this year, potentially impacting risky assets like stocks and cryptocurrencies.
Nansen data indicates the exit of smart money traders from the Pepe market, with their numbers dropping from over 115 to approximately 95 over the past two weeks. Their collective Pepe balance has also decreased.
Pepe Coin Price Analysis
The daily chart for Pepe reveals a strong bearish trend. The previous bullish falling wedge pattern has been invalidated, and the coin has broken below the ascending trendline and formed a three red crows pattern.
In the short term, Pepe's price may continue to decline. A break below the 50-day moving average at $0.00001933 and the Ichimoku cloud could confirm this trend.
However, a bullish reversal would be signaled if the coin manages to surpass key resistance levels at $0.000026 (the November 14th swing high) and the all-time high of $0.00002833.
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