PEPE risk declines below $0.00001 amid whale activity

$PEPE price declined

PEPE

0.00001015

-5.05%

by 20% in six days, breaching the support level at $0.000010. Whale activity has increased, raising concerns of a deeper correction.

At a critical stage, $PEPE risks losing the psychological level at $0.000010 with increasing selling pressure. Will the increased whale activity, along with the ongoing downtrend, push Pepe to a new monthly low?

Price analysis of $PEPE

On the daily chart, #Pepe struggles to stay above the support level at $0.00001037. With a drop during the day to $0.00001024, PEPE recorded its lowest trading price in the past thirty days.

This reflects a growing overall selling pressure, which has led to a 20% decrease over the past six days. As market sentiment continues to decline, a daily close below the psychological level of $0.000010 could extend the correction to the support area of $0.0000090, a level that previously served as significant resistance.

If the downward momentum continues, the risk of a drop may extend to $0.00000570, the lowest closing price of the year so far.

Chain data indicates an intense sell-off of Baby Coin.

According to data from IntoTheBlock, the number of large transactions (over $100,000) has significantly increased over the past thirty days. Since early May, the number of these transactions has risen compared to the relatively quiet period between February and April.

Typically, an increase in large transactions indicates the formation of a peak or trough in the trading cycle. Given the rising selling pressure, this increase in large transactions may signal potential intense sell-offs of Baby Coin.

Accordingly, chain data supports the likelihood of increasing retracement risks for the meme-based Baby Coin.

Number of large PEPE transactions

Emerging concerns in PEPE derivatives

CoinGlass data also shows a 5.70% decrease in the open share of Baby, now reaching $483.09 million. Over the past twenty-four hours, total liquidations amounted to $2.28 million in long positions, compared to only $486,000 in short liquidations.

PEPE Derivatives

This imbalance has caused the ratio of long positions to short positions to drop to 0.9384, reinforcing negative expectations. Overall, the PEPE derivatives market indicates that traders are preparing for a significant correction.