Whale Unloads PEPE Crypto as Price Sinks: Can This Trigger a Retrace?
Release: 2024/11/26 18:49 Reading: 464
PEPE Crypto Faces Price Declines Amid Whale Unloading
PEPE crypto has experienced a sharp price decline of 8.62% over the past week. Trading at $0.00002034, the memecoin boasts a market cap of $8.03 billion.
Whale Movements Impact Market Trends
A significant PEPE whale recently sold 130.2 billion tokens, including a large transaction of 74.07 billion PEPE for $1.53 million. This sale contributed to the downward price trend. The whale now holds a significant amount of PEPE, worth approximately $64.1 million.
Profitable Whale Movements
The whale realized a profit of $68.3 million, highlighting the impact of large holders on memecoin volatility. The whale's calculated moves demonstrate a dual focus on profit-taking and maintaining market influence.
Technical Analysis of PEPE
The token is currently consolidating around $0.000020356. A bullish breakout above $0.00004 is projected, implying a potential 68% increase. Technical indicators, such as the MACD and RSI, suggest a potential price increase with increased buying pressure.
Declining User Engagement
Price declines have led to a decrease in PEPE user activity. Active addresses have fallen by 25.55%, while new addresses have dropped by 27.01%. Zero-balance addresses have also declined by 33.86% over the past week.
Increased Short Positions
Traders are shifting towards more short positions as market sentiment sours. The PEPE long/short ratio indicates a rise in bearish pressure, with traders seeking to capitalize on price volatility.
Conclusion
The decline in PEPE crypto price is attributed to whale sales and dwindling user engagement. While technical indicators suggest potential for a bullish breakout, market sentiment remains cautious, with traders opting for short positions. The speculative nature of meme coins highlights the potential for sharp fluctuations and flagging interest.
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