Pepe Coin ($PEPE ) is facing a steep decline following a massive selloff by whales, with over 1.1 trillion PEPE tokens dumped on exchanges. This selloff has triggered a market surplus, causing PEPE's price to plummet by 17% in just 24 hours and by 28% over the past week, now trading at $0.000012. The coin is now 54% below its December high, reaching its lowest point since November 13. The influx of tokens onto exchanges has increased supply by 1.31%, further fueling bearish sentiment.
๐๐๐๐ก๐ง๐ข๐๐๐ฅ ๐๐ง๐๐ข๐๐๐ญ๐จ๐ซ๐ฌ ๐๐จ๐ข๐ง๐ญ ๐ญ๐จ ๐ ๐ฎ๐ซ๐ญ๐ก๐๐ซ ๐๐จ๐ฐ๐ง๐ฌ๐ข๐๐ ๐ฅ
Technical analysis suggests that the bearish trend could continue for PEPE.
Death Cross Formation: The convergence of the 50-day and 200-day weighted moving averages signals a potential "death cross," a key indicator of prolonged negative momentum.
Key Price Levels: PEPE currently trades between a key range of $0.00000633 and $0.00001461, established in April 2024. Immediate support lies at $0.00000782, with further downside risk to $0.0000060, last seen in August.
MACD & RSI Indicators: The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) are both in a declining trend, underscoring intensified selling pressure and hinting at continued price weakness.
๐๐ก๐๐ญโ๐ฌ ๐๐๐ฑ๐ญ ๐๐จ๐ซ ๐๐๐๐? ๐ด
With significant holders expressing a bearish outlook and technical indicators aligning for further losses, traders should keep a close eye on critical support zones. A breach below these levels could accelerate the downward spiral, making careful risk management essential for those trading this volatile asset.
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