Pepe Coin

Pepe

Pepe Coin Price Analysis: On Wednesday during the Asian trading hours, the crypto market witnessed a surge in selling pressure as <a href="https://coingape.com/markets/will-bitcoin-price-hit-70000-key-factors-influencing-btc-price-this-week/">Bitcoin</a> price fell nearly 4%. The BTC revisiting the $60000 sparked the possibility of a downtrend continuation in most of the major altcoins including PEPE. The Frog-themed memecoin is down 8% today, extending the correction fall with a channel setup. Should you stay invested? 
Also Read: <a href="https://coingape.com/pepe-price-whale-sacks-1-2-tln-coins-amid-monthly-crash-is-price-gearing-up-for-rally/">PEPE Price: Whale Sacks 1.2 Tln Coins Amid Monthly Crash, Is Price Gearing Up For Rally?</a> 
<h2 id="span-style-font-weight-400-pepe-coin-price-analysis-whale-dumps-112-000-worth-of-tokens-amid-downtrend-span">Pepe Coin Price Analysis: Whale Dumps $112,000 Worth of Tokens Amid Downtrend</h2> 
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 Pepe Coin Price Analysis| Tradingview
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The current correction trend in Pepe coin was initiated at May End as the price reverted from&nbsp; $0.00001725. Since then, the <a href="https://coingape.com/meme-coin/">meme coin</a> has witnessed a steady downtrend of lower highs and lows resonating with two downsloping trendlines. 
The bearish turnaround has tumbled the asset 39% down to $0.00001048, while the market cap plunged to $4.42 Billion. An analysis of the daily chart shows the falling trendline reveals the formation of a bull flag pattern. This chart pattern is known to drive temporary counter-trend moves for buyers to recuperate their strengths. 
<blockquote>
 Despite the correction, the <a href="https://coingape.com/price/pepe-coin/">PEPE price</a> is still above the 50% Fibonacci retracement tool indicating the long-term trend remains bullish and buyers remain a dominant force in this asset.
</blockquote> 
However, the PEPE is currently in downward momentum and a recent sell-off from smart money hints at a breakdown below $0.00001. A major whale, dimethyltryptamine.eth, has re-engaged with PEPE after a 10-month hiatus, selling 10 billion PEPE tokens (worth $112,000) for 32.73 ETH.&nbsp; 
Also Read: <a href="https://coingape.com/binance-announce-delisting-of-key-crypto-pairs-brace-for-market-impact/">Binance Announces Delisting Of Key Crypto Pairs, Brace For Market Impact</a> 
<blockquote class="twitter-tweet"> 
 After over 10 months of inactivity with <a rel="nofollow" href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a>, dimethyltryptamine.eth returned to sell 10B <a rel="nofollow" href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a> ($112K) for 32.73 <a rel="nofollow" href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> ~5hrs ago. 
 Notably, dimethyltryptamine.eth was an early <a rel="nofollow" href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a> buyer who turned $45K into $26.7M (+58.6K%). 
 Currently, the whale holds 1.99T <a rel="nofollow" href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a> ($21.9M).… <a rel="nofollow" href="https://t.co/dlTwu3Q4u9">pic.twitter.com/dlTwu3Q4u9</a> 
 — Spot On Chain (@spotonchain) <a rel="nofollow" href="https://twitter.com/spotonchain/status/1808324320760061979?ref_src=twsrc%5Etfw">July 3, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Early investment by this whale turned $45,000 into $26.7 million, marking a 58.6% gain. Currently holding 1.99 trillion <a href="https://coingape.com/blog/will-pepe-coin-pepe-price-recover-in-july-2024/">PEPE</a> tokens valued at $21.9 million, the whale’s activity underscores the profitability of early investments. However, the recent sell-off suggests the large holder may not expect a strong upside in PEPE in the near time. 
Thus, a breakout from the flag pattern resistance is necessary to end the current correction trend. With sustained buying, the post-breakout rally could surpass $0.0000135 and rechallenge the $0.00001725 peak. 
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">BB Indicator: The downtick in the lower <a href="https://coingape.com/education/bollinger-band/">Bollinger Band</a> accentuates aggressive selling and no sign of reversal yet.</li> 
 <li style="font-weight: 400;" aria-level="1">ADX: An uptick in the daily Average Directional Index slope at 20% indicates the sellers are gaining momentum which could lead to a prolonged downfall.</li> 
</ul> 
The post <a href="https://coingape.com/markets/pepe-coin-price-analysis-0-00001-break-whale-sell/">Pepe Coin Price Analysis: $0.00001 Break Imminent Amid Whale Sell-off?&nbsp;</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Pepe Coin Price Analysis: $0.00001 Break Imminent Amid Whale Sell-off?

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