During Monday’s U.S. market session, the crypto market experienced a surge in selling pressure as Bitcoin teased a breakdown below $90k. The intact correction trend influences the meme coin sector significantly due to its volatile nature. Thus, the Pepe coin price is nearing a major breakdown below the neckline of the head and shoulder pattern, signaling a prolonged downfall ahead..
According to Coingecko, the PEPE’s market cap stands at $7.09 Billion, while the 24-hour trading volume is at $1.47 billion
Key Highlights :
- The Pepe coin price is 4% away from a major neckline breakdown of the H&S pattern.
- The long-tail rejection candle at $0.000016 signals the intact demand pressure at key support to prevent further downfall.
- Two crypto whales accumulate a substantial amount of Pepe amid market correction, increasing the market confidence on a potential rebound.
Crypto Whales Bet Big on PEPE Amid Market Dip
According to recent data shared by Spot On Chain, significant whale activity has been observed in the accumulation of PEPE and JASMY tokens, suggesting renewed interest in these assets.
A newly identified whale, “0x8f5,” recently withdrew a massive 280 billion PEPE tokens valued at $5 million from Binance. Additionally, the same whale accumulated 47.4 million JASMY tokens worth $1.54 million a day prior.
Another whale, “0xb1a,” spent $3.72 million USDC to purchase 200.4 billion PEPE tokens just 30 minutes ago.
Amid the market downturn, this whale accumulation indicates buy-the-dip sentiment intact among investors, often followed by a sustained reversal.
Pepe Coin Price Signals Major Breakdown Ahead
Amid the recent market downturn, the Pepe coin price plunged from $0.000022 to $0.0000169— a 23% decrease— in the last 10 days. An analysis of the daily chart showed this downturn as part of a key reversal pattern called inverted head and shoulder.
Theoretically, the chart setup shows the peaks with the middle one extending higher than the two equally heightened neighboring peaks. With an intraday loss of 5%, the coin price teases a breakdown below the pattern neckline support at $0.000016.
If the sellers flip the key support into potential resistance, the current correction could extend to $0.000048, registering a loss of 70%.
On the contrary, if the Pepe coin price defends the $0.000016 support will indicate intact demand pressure for this asset. The renewed buying pressure prolonged consolidation above the aforementioned floor.
Also Read: JPMorgan CEO Says, “Bitcoin Has No Intrinsic Value”
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