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Is Pepe Coin Price Heading Below $0.00001? Whale Sell-off Sparks Fear
The cryptocurrency market has witnessed a renewed correction in the second half of December, following the U.S. Fed decision for a 25 Bps rate cut. However, this bearish momentum had a higher impact on meme coins due to their volatile nature and susceptibility to speculative trading. Consequently, the Pepe coin price shows the risk for a $0.00001 breakdown amid whale selling and bearish pattern formation.
According to Coingecko, the meme market cap stands at $105 billion, while the 24-hour trading volume is at $28 billion.
The formation of a double-top pattern could drive an extended correction below $0.00001
A recent development in the Pepe coin price has sparked fear among investors, as a prominent whale moved 150 billion PEPE tokens, valued at $2.72 million, into Binance in a bid to mitigate losses. This follows an earlier transaction on November 28, where the whale had withdrawn 150 billion PEPE ($2.94 million) and 60 billion SHIB ($1.52 million) from Binance.
Historically, such whale exits have often coincided with extended market corrections and bearish sentiment.
If the Pepe price continues its downward trend, the whale may liquidate its position further
In recent days, the Bitcoin price has recorded a sharp drop below $100k, accelerating a correction trend in the altcoin market. As a result, the frog-themed Pepe coin showcased a sharp drop from $0.000022 to $0.0000174— a 22% decrease— within the last 48 hours.
A daily chart analysis of this correction reveals the formation of a classic reversal pattern called a double top
The chart pattern is characterized by two major reversals from the common resistance zone, developing an ‘M’ shaped letter.
The RSI indicator displaying a lower-high formation while the price reaches a higher peak highlights a bearish divergence, signaling a loss of bullish strength
Under the influence of this setup, the Pepe coin price could pierce the neckline support of $0.0000172, intensifying market selling pressure.
The post-breakdown fall could push the asset 55% down to hit $0.0000077
Source: http://www.cryptonewsz.com
