#USUAL持续飙升
Pepecoin plummets! Bigwigs’ selling triggers market panic
The Federal Reserve cut interest rates by 25 basis points, causing a sharp drop in the cryptocurrency market in late December. Those online meme coins are volatile and easily speculated, so they fell even more. Bigwigs’ selling and bearish trends may cause the price of Pepecoin to fall below $0.00001.
According to CoinMarketcap data, the market value of online meme coins has reached $105 billion, with a 24-hour trading volume of $28 billion.
Here comes the point:
If a double top pattern occurs, the price of Pepecoin may be adjusted below $0.00001 for a long time.
Cryptocurrency investors are staring at the callback support level between $0.000017 and $0.0000128, which is the 100-day and 200-day exponential moving averages.
The bearish relative strength index diverges, indicating that the price of Pepecoin is weakening.
The big guys withdraw, and the price of Pepecoin may follow suit
In order to avoid losses, a big guy transferred 150 billion Pepecoins (worth $2.72 million) to the Binance platform. Previously, on November 28, he also withdrew 150 billion Pepecoins (US$2.94 million) and 6 billion Shiba Inu coins (US$1.52 million) from Binance.
Lookonchain data shows that the big guy lost $219,000 and $136,000 on Pepecoin and Shiba Inu coins, respectively.
After Powell's tough speech, Bitcoin fell below $100,000, exacerbating the decline in the altcoin market. In the past 48 hours, the frog-themed Pepecoin fell from $0.000022 to $0.0000174, a drop of 22%.
From the daily chart, this wave of pullback looks like a double top reversal pattern. There are two big tops on the chart that reversed from the common resistance area, forming an "M" shape.
When the price is high, the relative strength index is going down, indicating a bearish divergence, that is, the upward momentum is weakening.
This situation may cause the price of Pepecoin to fall below the support neckline of $0.0000172, increasing the selling pressure in the market. Once it falls below, Pepecoin may plummet by 55% to $0.0000077.
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