On January 9th, Thursday, the frog-themed memecoin witnessed a 6% drop to reach the current trading value of $0.0000167. With the Bitcoin price correction accelerating selling in the altcoin market, the Pepe coin price teases a breakdown below the key bearish pattern. The onchain data registering notable whale selling further promotes the potential for prolonged downfall.
According to Coingecko, the PEPE’s market cap stands at $7.04 Billion, while the 24-hour trading volume stands at $1.47 billion
Key Highlights :
- The falling Pepe coin price could witness a crucial support retest at $0.0000166, followed by $0.000012.
- The formation of head and shoulder patterns bolster PEPE sellers for a major breakdown below $0.0000166.
- A PEPE whale sold 85 billion tokens for 1.51 million USDC amid a market downturn.
Whale Reduces PEPE Exposure Amid Market Decline
As the cryptocurrency market faced a downturn, a significant whale holding PEPE tokens executed a major sell-off. According to data shared by Lookonchain, the whale sold 85 billion PEPE tokens for 1.51 million USDC in a transaction conducted just one hour prior to the report.
Despite the large sell-off, the whale still holds a substantial 180.8 billion PEPE tokens, valued at approximately $3.2 million. The partial selling suggests the large holders may want to reduce their exposure in PEPE coins amid a declining trend.
If the correction phase is prolonged, this memecoin could face further selling pressure and surging bearish sentiment in the market.
Pepe Coin Price Reversal Pattern Hints at Significant Bearish Downfall
Pepe, the Frog-themed memecoin, has faced a substantial downturn from $0.000021 to $0.0000169 in the current market correction. However, this 22% fall, when analyzed in a daily chart, shows the formation of a classic reversal pattern called head and shoulders. The chart setup consists of three peaks: a central, higher peak (the “head”) flanked by two lower peaks (the “shoulders”).
Currently trading at $0.000017, the Pepe coin price is less than 5% away from a bearish breakdown of the pattern’s neckline support. Theoretically, this breakdown drives a downfall of the same length as the distance between the head’s peak and neckline.
If true, the memecoin could plunge 28% to hit $0.000012 support, followed by an extended downfall to $0.0000048.
Also Read: Bitcoin Price Chart Shows Major ‘Buy’ Signal, $135K Target Soon?
