The crypto market takes a bearish turnaround as Bitcoin teases another breakdown below $100k. The selling pressure can be attributed to broader market correction as the Chinese AI Deepsake created concern for AI models and tech stocks. Thus, the Pepe coin price hints at a major breakdown below key support along with whale selling pressure.
Key Highlights :
- Aggressive selling pressure from crypto whales hints at another support breakdown for the PEPE coin.
- A breakdown from the head and shoulder reversal pattern hints at a prolonged correction trend.
- The Pepe Coin price breakdown below the 200-day exponential moving average accelerates the bearish market sentiment.
Major Holders Liquidate Entire Pepe Portfolios
Amid the recent market correction, on-chain data reveals several crypto whales have sold off their entire holdings of PEPE tokens. According to Lookonchain data, a waller address 0xfBfC…07Be deposited 430B PEPE(worth approximately $6.39 Million) to crypto exchange Binance just 9 hours before reporting.
Similarly, the wallet labeled as marketparticipant.eth deposited 325.5B PEPE, valued at $4.9M, to Binance since yesterday. Another Whale, 0xb1a2…6731 converted their 200.88B PEPE for 2.85M USDC stable in the past 48 hours.
Adding to the trend, the wallet 0xC7ac…BE36 deposited 140.83 $PEPE( worth around $1.98M) to Binance.
These transactions indicate significant selling pressure from whales, probably in anticipation of prolonged correction in this frog-themed memecoin.
Pepe Coin Hints Another Major Breakdown
In the last 10 days, the Pepe coin price has witnessed a notable downturn from $0.000021 to $0.0000128, registering a loss of 38.6%. As NameCoinNews predicted, this correction gave a bearish breakdown from the $0.0000166 neckline of Head and Shoulder.
This chart setup is typically observed in major market tops, signaling a change in price trend as selling pressure mounts.
The technical indicator supports the bearish narrative as the momentum indicator RSI drops below 40%, and the 20-and-100-day EMA shows a bearish crossover.
If the falling PEPE price breaks below $0.000012 support, the sellers will further strengthen their grip over this asset. The post-breakdown fall could plunge the asset to a $0.00000766 level, followed by $0.0000048.
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