Whales are cashing out, Pepe Coin shows selling pressure signal
Pepe Coin surged 100% last week, but the latest on-chain data shows that large whales seem to have quietly started to exit. On May 12, when the coin price reached a local high of $0.000015, large transactions over $100,000 surged to 720 — a typical 'peak selling' signal.
Historically, such a surge in large transactions often signals the approach of a temporary top. Although it hasn't yet reached the 'warning line' of 800 transactions, the current trend indicates that large holders may have begun to take profits, warning of significant market volatility in the short term.
Is a double top forming? Key support is in jeopardy
From a technical perspective, Pepe Coin is currently forming a double top reversal pattern. The price has encountered resistance and fallen back at $0.000015, and is now approaching the key neckline support level of $0.00001274. If it breaks below and closes under this level in the next few hours, the pattern will be confirmed, with a potential downward target of 25%, possibly reaching $0.00001063.
Meanwhile, the RSI has fallen from the overbought zone, and the MACD has crossed below, both of which are typical bearish signals indicating that market momentum is waning.
Leverage positions are off the charts, and the market may face a cascade effect
According to data, Pepe Coin currently has open contracts worth $584 million, nearing its historical high. The Binance contract long-short ratio is 2.57, with 72% of investors betting on a rise, indicating extreme bullish sentiment among retail investors.
This means that once the price starts to fall, these highly leveraged long positions will face liquidation risks, triggering a cascading decline. If it breaks below $0.00001274, it may ignite a chain reaction, further exacerbating the downtrend.
Head and shoulders pattern appears, momentum indicators sound the alarm
On the 30-minute chart, Pepe Coin is showing a head and shoulders pattern, with the right shoulder formed and the neckline being tested repeatedly. If it breaks down, it will create a larger bearish signal.
At the same time, the stochastic RSI shows a clear bearish divergence, further reinforcing the expectation of a decline. The 200-day moving average may serve as short-term support, but if it fails, it will trigger market panic.
Summary: Rebound or crash? The key lies in the support level
Whether Pepe Coin can maintain its upward momentum critically depends on the support level at $0.00001274. If this level holds, it may build a platform for another rebound; but if it breaks down, the pressure from long position liquidations will drive the price back to $0.00001063, or even lower.
