The Frog-themed meme cryptocurrency PEPE witnessed an extended correction during Friday’s U.S. trading hours. Following Powell’s hawkish speech, the Bitcoin price losses of $100k floor accelerate the bearish momentum among altcoins. As broader market sentiment points to a major downturn, the Pepe coin price risks a $0.00001 breakdown as the whale sell-off surges.
According to Coinmarketcap, the Pepe price exchange hands at $0.0000168 with an intraday loss of 1.28. The asset’s market cap holds at $7.068 Billion, while the 24-hour trading volume is at $4.6 billion.
Key Highlights:
- The Pepe coin price correction backed by whale selling hints at a potential dive below the $0.00001 floor.
- The formation of a double-top pattern drives the current retracement trend
- The 100-day exponential moving average acts as strong pullback support, evidenced by a long-tail rejection.
Massive PEPE Whale Exit Signals Bearish Sentiment
According to the recent tweet from EmberCN, a PEPE whale offloaded 874 billion PEPE tokens, valued at approximately $14.88 million, to Kraken just seven hours ago, effectively clearing its entire PEPE holdings. This whale had accumulated 1.359 trillion PEPE tokens worth $15.02 million between March and September, purchasing them through Kraken at an average price of $0.000011 per token.
The transaction resulted in a substantial profit of $11.59 million, marking a 77% gain. This large-scale sell-off hints at a decision to reduce PEPE’s exposure amid market correction, the probability with the anticipation of further correction.
Such whale activity further intensifies the selling pressure and influences market selling pressure.
PEPE Coin Price Risks 56% Drop Amid Double Top Formation
Within a fortnight, the Pepe coin price plunged from $0.000028 to $0.000016, registering a loss of 40%. The correction in the daily chart shows a bearish breakdown from the double top-reversal setup.
The chart pattern is characterized by two bearish reversals from a common resistance zone, projecting an ‘M’ shape. Currently, the PEPE coin retests the breached support as potential resistance to check price sustainability for further downfall.
If the pattern holds true, the sellers could push the asset 56% down to retest $0.00000742.
Alternatively, the PEPE price holding up above the 100-and-200-day exponential moving average projects the major trend is bullish. If the buyers regain the $0.0000017 floor, the bearish thesis will be invalidated.
Also Read: These 8 Memecoins Outperformed Bitcoin This Year!
