#Pepe

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𝙋𝙚𝙥𝙚 𝘾𝙤𝙞𝙣 𝙋𝙧𝙞𝙘𝙚 𝙍𝙖𝙡𝙡𝙞𝙚𝙨 𝘿𝙚𝙨𝙥𝙞𝙩𝙚 𝙒𝙝𝙖𝙡𝙚𝙨 𝘿𝙪𝙢𝙥𝙞𝙣𝙜 1 𝙏𝙧𝙞𝙡𝙞𝙤𝙣 𝙋𝙀𝙋𝙀 𝙄𝙣 24𝙝𝙧𝙨, 𝙄𝙨 𝙄𝙩 𝙖 𝙁𝙖𝙠𝙚𝙤𝙪𝙩?

Pepe Coin (PEPE) has failed to make strong gains in the last one month, considering that it has dropped by more than 11% within this time. As of July 9, Pepe Coin price was trading at $0.0000102 with a slight 2.7% increase in 24 hours and $673 million in traded volumes. Despite the gains recorded today, whales seem to be selling after they offloaded more than 1 trillion tokens within a day, as a bear flag indicates that there might be a 50% crash on the way.

PEPE whales could be getting ready to sell their tokens and reduce the possibility of making losses, as seen in the decline of their holdings. IntoTheBlock data shows that in just 24 hours, whales have sold more than 1.16 trillion tokens after the balance of their wallets dropped from 647 billion to -521 billion tokens.

When whale wallets are no longer buying tokens and have decided to sell, it might show that they are expecting the price to drop. This behaviour comes alongside the formation of the bearish flag pattern on the daily chart

The height of this flag pole is the 49% drop that happened within one month to a low of $0.00000830. If the same decline happens now and the price of Pepe Coin drops below the support of the ascending channel forming the flag, it is possible that it might crash to $0.00000480.

At the same time, there are very few traders who are willing to buy Pepe Coin at the current price because of the CMF indicator that has remained negative. This is another sign that the upward trend is about to stall, and the price could most likely crash.

In conclusion, the Pepe Coin price is inching closer to a crash because, besides forming a bearish flag pattern, it is also under the pressure of whales dumping their tokens. This bearish outlook may only be invalid if whales begin to buy tokens.