How low may PEPE go following the whale-triggered selloff?
Whales sold over 1.1 trillion PEPE coins.
Technical indications suggest more drop.
A decline of $0.0000060 is possible from $0.00000782.
After falling 17% in 24 hours and 28% in a week, Pepe Coin (PEPE) is now worth $0.000012.
The currency is 54% below its December high after this dramatic drop to its lowest level since November 13.
Whales sold over 1.1T PEPE coins.
This price drop seems to have been caused by wealthy investors, known as “whales.”
These investors quickly transferred over 1.1 trillion PEPE tokens to exchanges, causing a market glut.
These moves have raised PEPE supply on exchanges by 1.31% (from 237.18 trillion to 240.28 trillion) and suggested a pessimistic perspective among significant holders, stoking market turbulence.
Technical analysis suggests bearishness.
PEPE price's technical analysis suggests additional decline:
Death Cross Formation: The convergence of the 200-day and 50-day weighted moving averages suggests a death cross, which would reinforce negative sentiment.
Support and Resistance Levels: PEPE trades between $0.00000633 and $0.00001461, a range created in April 2024. Watch for support around $0.00000782 and $0.0000060, last seen in August.
MACD and RSI: Both the MACD and the Relative Strength Index (RSI) are declining, indicating that selling pressure may continue, driving the price closer to key support levels.