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PEPE’s Support Breaks – Is a Major Crash on the Horizon?
As of now, it appears as though PEPE has lost its crucial support level, resulting in a sharp sell-off and increased selling pressure. This sudden turn of events raises significant concerns regarding the token’s future trajectory.
In light of recent developments, I must stress that the token’s market outlook is looking increasingly bleak. The lack of enthusiasm from whale wallets has led to a massive offloading of tokens, totaling over one trillion. This considerable sell-off corresponds with PEPE’s staggering 77% decline since its election rally peak.
As liquidity continues to dwindle, it becomes ever more challenging for investors to find the necessary entry points, ultimately leading to further losses. With 78% of all holders now in a loss situation, I believe it is crucial to reassess our short-term expectations and contemplate potential downside risks.
The chart below illustrates that PEPE has lost its support level and may very well be heading for an even more substantial crash.
The sharp decline in trading volume serves as a stark reminder that demand has plummeted. In this context, I must emphasize the gravity of the situation: without renewed buying pressure, we can anticipate further erosion of confidence.
To summarize, recent data indicates that PEPE’s support level has broken down and may be heading for a significant downturn.
