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Pepe Coin Price 70% Downside Risk As Key Reversal Pattern Emerges
As the cryptocurrency market continues to experience a downturn, the Pepe coin price is displaying signs of a major breakdown. The $7.09 billion market capitalization token has plummeted by an astonishing 23% in just 10 days, from $0.000022 to $0.0000169. This significant decrease has triggered a key reversal pattern that could lead to a 70% downfall.
The recent price action has formed an inverted head and shoulder (H&S) pattern on the daily chart, with the peak extending higher than its neighboring peaks. If sellers succeed in flipping the neckline support at $0.000016, the correction could extend to $0.000048, resulting in a 70% loss for PEPE/USDT investors.
However, it’s crucial to consider the long-tail rejection candle at $0.000016, which suggests that there is still demand pressure preventing further decline. In case of this support holding, we might see an extended consolidation above the floor, potentially indicating renewed buying pressure.
Meanwhile, it appears that two whales have taken a different stance in response to the market downturn. Spot On Chain data reveals significant whale activity with “0x8f5” withdrawing 280 billion PEPE tokens valued at $5 million from Binance and accumulating 47.4 million JASMY tokens worth $1.54 million the day prior. Additionally, another whale, “0xb1a,” spent $3.72 million USDC to purchase 200.4 billion PEPE tokens just 30 minutes ago.
This accumulation amid market downturn demonstrates investors’ “buy-the-dip” sentiment, often followed by a sustained reversal.
Source: www.cryptonewsz.com
