During Wednesday’s U.S. market session, the crypto market experienced a surge in selling pressure as Bitcoin extended correction below $100k. This downtick significantly impacted the meme coin sectors due to their volatile nature. Thus, the Pepe coin price records 7% intraday loss to trade at $0.0000171, signaling another potential breakdown amid whale selling.
According to Coingecko, the PEPE’s market cap stands at $7.27 Billion, while the 24-hour trading volume is at $1.77 billion.
Key Highlights :
- The formation of head and shoulder patterns in the daily chart hints potential for prolonged downfall.
- The Pepe coin price is 10% away from a neckline breakdown of the H&S pattern.
- A prominent whale deposited 210 billion PEPE, valued at $3.95 million, to Kraken.
PEPE Coin Price Faces Selling Pressure as Whale Offloads 427 Billion Tokens
The PEPE market has witnessed significant whale activity in the past 32 hours, accelerating the selling pressure in the current correction.
According to data from Spot On Chain, a prominent whale deposited 210 billion PEPE, worth $3.95 million, to the Kraken exchange within the last 10 hours. This brings the total offloaded by the whale during this period to a staggering 427 billion PEPE, valued at $8.45 million.
Despite the large sell-off, the whale still holds a substantial 1 trillion PEPE tokens, equivalent to $18.4 million. Typically, large holders selling bolsters bearish market sentiments for a prolonged downfall. However, the aforementioned transactions suggest strategic profit-taking or whales reducing their exposure to PEPE in anticipation of a short-term price correction.
Head and shoulder Pattern Hints Major Breakdown Ahead
Amid the broader market consolidation, the Pepe coin price recorded a notable downtick from $0.0000219 to $0.000017— a 22% decrease—in the last five days. This downtick displays a lower high formation in the daily chart, indicating a sell-the-bounce sentiment among investors.
Supporting the bearish thesis, the coin price displays the formation of a renowned reversal pattern head and shoulder. This chart setup features three peaks, with the middle peak (head) being the highest and the two side peaks (shoulders) being lower and relatively equal.
With continued selling pressure, the coin price could breach the $0.000017 neckline support, extending its correction to $0.000013 and potentially $0.0000048.
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