The price of Baby coin $PEPE has declined this week as whales continue to sell and intensify their selling in the cryptocurrency market.
Pepe (PEPE), the second largest meme coin on Ethereum (ETH), has dropped to a low of $0.00001043, down 36% from its peak in May.
This decline occurred alongside the drop in the value of Bitcoin (BTC) and most meme coins due to profit-taking and geopolitical issues.
The collapse of Baby also occurred as whales continued to exit their positions, indicating their expectation of a continued downward trend. Whale stock has decreased to 137.4 trillion, down from its year-to-date high of 166 trillion. Their holdings have dropped to the lowest level since last November.
The realized profit/loss index on the network has fallen into negative territory, which is a sign that some sellers are exiting at a loss.
Further on-chain data indicates that active addresses have dropped to below 3000.
On the positive side, the price of Baby stock has dropped, which may lead investors to buy on the dip. The fair market value (MVRV) ratio with the Z-score, which is closely monitored, has decreased to -0.192.
A negative MVRV ratio means that the market value of the currency has fallen below the average price at which its holders acquired it. It often indicates that the currency is in a buying zone.
Technical analysis of the price of Baby PEPE
The daily chart shows that the price of Baby token has dropped from its high last month of $0.00001622 to $0.000011 today. It is consolidating around the 50 and 200-day moving averages.
The price of Baby stock has surpassed the 23.6% Fibonacci retracement level. It has also formed a cup and handle pattern, with the upper limit at $0.00001622 and the lower limit at $0.0000052.
The recent decline is likely part of the handle formation in the C&H pattern. Therefore, if this pattern succeeds, the currency is likely to rebound and test its all-time high of $0.00002712, approximately 135% higher than its current level. This view will be confirmed if the currency surpasses the upper limit of the cup at $0.00001622.
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