Pepe Coin Faces Bearish Signals as Whale Holdings Decline
The token PEPE has experienced a significant price decline, losing nearly half its value from this year's peak.
Key Observations
- Large investors or "whales" have reduced their holdings from 7.6 trillion to 6.54 trillion tokens.
- "Smart money" wallets decreased their positions from 2.6 trillion in August to 1.62 trillion.
- Futures open interest fell from $800 million to $557 million, with a previous high of over $1 billion in July.
- The spot market has also seen declining daily volumes through September.
Technical Analysis
- The PEPE price is consolidating within a descending triangle pattern, indicating potential further decline.
- Price compression towards the apex may lead to a 51% drop if support breaks, targeting the $0.0000047–$0.0000050 zone.
- Momentum indicators show weak buying pressure with RSI at 44 and MACD lines negative.
Potential Upside
- PEPE gained around 5% in the last 24 hours, with a 13.5% increase in trading volume.
- If the current support holds and the price surpasses the descending resistance trendline, a rebound could occur.
- A bullish breakout target is near $0.000030, suggesting a 196% upside from current levels.
Outlook
- PEPE is at a crucial point; watch the $0.000009000 support for cues.
- A breakdown could lead to further declines; a breakout could trigger new market interest.
Alternative Investment: PEPENODE
While PEPE faces challenges, PEPENODE ($PEPENODE) offers a novel approach to crypto mining through gamification.
- Users can engage in virtual mining by setting up server rooms and purchasing miner nodes.
- PEPENODE's presale is gamified, offering early contributors bonuses and staking rewards up to 848% per annum.