Coinbase whales turn on ‘mass sell’ mode, pushing PEPE an inch closer towards a full all-time high reversal.
The emerging bearish structure on Pepe Coin (PEPE) paints a dim picture of the continuous profit-taking by both large & retail crypto investors. However, a decisive shift is on the cards if PEPE Coin’s (PEPE) price once again bounces off the yearly low at $0.00000400, coming in handy in late November’s rebound rally.
PEPE’s Price Steps Into The Danger Zone
From a technical point of view, the frog embossed meme-coin entered a bearish set up with the Head ‘n’ Shoulders. With major support now sitting around $0.00000200, crypto traders are now peeling their eyes on this pattern’s neckline $0.00000600, posing as key resistance.
If not reclaimed, the H&S could send PEPE all-the way down to $0.0000146, noted analyst Aksel Kibar. Another crucial point behind the bearish short-term PEPE price prognosis is the strong bearish divergence in the Relative Strength Index (RSI). While the third biggest meme currency has entered an oversold position, PEPE Coin’s price failed to react in any way.
Coinbase’s PEPE Whale Stats Tell It All
Ultimately, this signals crypto whales’ distrust in the popular caecilian meme coin’s immediate rebound. Ahead of Monday’s market pullback, one long-term PEPE Token holder deposited their remaining $3.5 million worth of PEPE to Coinbase, now having a zero balance for the first time since June, 2024. If this crypto whale is right, the market could be in for another downturn.
Other crypto whales seem to be taking inspiration, as profit-taking sustains: PEPE’s CMF on Coinbase now dwells in extremely negative figures. The whale behavior-assessing Chaikin Money Flow (CMF) tumbled below -0.3, displaying an unusual case of intense profit taking.
With the Exponential Moving Average (EMA) trend-line (blue) also tumbling below the midpoint, PEPE Token’s dim $0.0000014625 price projection seems realistic. Trading well below both the left & right-leaning shoulders, the meme currency’s price structure hints at incoming market correction to levels beyond 90% from the all-time high (ATH) before a price trend reversal happens.
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