Pepe Coin (PEPE) has undergone significant price swings with a major downward inclination, failing to break the resistance level of $0.00001086. The value bounced back from an intraday low of $0.000009667 as it had dropped sharply after making that crucial move. At present, PEPE is being traded at $0.000008, which represents a 15.95% decrease within the preceding 24 hours.
Impact of Whale Transactions on PEPE
One of the main drivers for recent price swings in PepeCoin has been whale activities carried out by large holders otherwise known as whales. In this regard, a whale named dimethyltryptamine.eth performed one notable transaction where he sold off 10 billion tokens of pepe for 32.73 ETH worth $112,000.
Moreover, this whale still possesses a considerable amount of Pepe indicating some kind of mixed response to the short-term/long-term aspect of this cryptocurrency coin possibility wise: when such whales take part in trading markets volatility may result because one moves its prices based upon their strategies.
Recent Developments: PEPE Technical Analysis
Looking at Price Charts for PepeCoin gives clear indication that a bearish pattern emerged from them recently. This happened after the price failed to break through resistances points such as that located at $0.00001086 whereby; it plunged down towards an all-time low suggesting strong selling pressure thus leading to such levels again.Now consider the chart below:
However, at present PEPE is trading below both its 50-day and 100-day EMAs meaning that the market may be pessimistic on immediate recovery as shown by this bearish signal:
This alignment reveals continued downward pressure moving forward since there is no change in sentiment and will see further declines.
The last twenty four hours witnessed a trading volume of $1,298,538,321 that points to an extensive activity in PEPE. However, significant volumes accompanying price declines normally indicate strong sellers’ dominance and failed attempts of the buyers who want to push the prices upwards.
The RSI is heading towards the oversold region which might signal a possible reversal in price under normal circumstances. By contrast given on-going whale sell offs as well as generally bearish market conditions this could also mean persistent selling pressure. As for now MACD has shown no signs of slowing down therefore, it signals the following:
Pepe Coin’s immediate future could be tough with more downside potential amidst this volatile cryptocurrency market. Whales accounts continue to exert significant control. Investors and traders should observe whale activities and wider market mood when predicting possible price movements.
