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Pepe Coin Price 70% Downside Risk As Key Reversal Pattern Emerges
As the crypto market faced a surge in selling pressure during Monday’s U.S. session, the meme coin sector was significantly influenced by this correction trend. Unfortunately, this turmoil has brought the Pepe coin price perilously close to a major breakdown below its neckline of the head and shoulder pattern, suggesting an extended downfall ahead.
At the moment, the Pepe coin price is merely 4% away from breaking through this crucial support level. As the price teases this breakdown, a significant correction could potentially extend as low as $0.000048, which would result in a staggering loss of 70%.
However, it’s important to note that there are two bullish indicators that may help stem this decline. Firstly, a long-tail rejection candle at $0.000016 signals unrelenting demand pressure at key support, potentially preventing further downward momentum.
Furthermore, significant accumulation efforts from two crypto whales have been observed in the purchase of substantial amounts of PEPE tokens amid market correction. These large-scale transactions were recorded by Spot On Chain and reveal renewed interest in this asset among investors. A whale named “0x8f5” recently withdrew a massive 280 billion PEPE tokens, valued at $5 million from Binance, while another entity known as “0xb1a” purchased 200.4 billion PEPE tokens worth $3.72 million just 30 minutes ago.
It’s essential to monitor the Pepe coin price closely in the coming sessions to determine whether these whales’ activities can salvage the current decline or if the bears will prevail, leading to an even more substantial loss.
Source: www.cryptonewsz.com
