The cryptocurrency market took a bullish turnaround as the US Federal Reserve decided to hold its key interest rate steady around 4.25%-4.5% during Wednesday’s FOMC. Thus, the Bitcoin price rebounded to the $105k level, renewing buying pressure in the altcoin market. However, the Pepe coin price could drive limited recovery as onchain data shows whale selling pressure.
Key Highlight:
- The Pepe coin price correction, accompanied by whale selling pressure, hints at a potential drop to $0.00001.
- An ascending trendline in the daily chart drives a key uptrend in PEPE price.
- In case of bullish recovery, the $0.0000145 and $0.0000167 stand as key resistance levels.
Massive PEPE Whale Transfer Raises Concerns of Market Correction
The PEPE team’s multi-signature wallet has executed a significant transfer, moving 170 billion PEPE tokens, valued at approximately $2.17 million, to a newly created wallet “0x1ec” two days ago.
According to Spotonchain data, this new waller has transferred 6B PEPE ( worth approximately $76.65K) to crypto exchange Binance some 15 hours before reporting. While the whale still holds a substantial 164 Billion tokens, the seller’s activity could indicate strategic reshuffling of assets.
Historically, whale selling has coincided with major price tops or prolonged corrections, accelerating the market selling pressure.
Pepe Coin Price Faces Critical Support Test
The Pepe Coin price has severely underperformed the broader market, which has remained relatively stable, with Bitcoin holding above $91,000. In the last two weeks, this memecoin has plunged $0.000021 to a $0.000013 low, registering a loss of 45%.
While the Federal Reserve’s steady interest rate cut has supported the Pepe coin bounce to $0.000013. The relief rally could struggle with continued whale selling. If the supply pressure persists, the asset could dive another 20% to retest the major support trendline at $0.00001.
Historical behavior shows that the crypto buyers had managed to regain bullish momentum at this dynamic support, signaling a key reversal pattern in the current correction.
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