Pepe Coin Price Analysis: $0.00001 Break Imminent Amid Whale Sell-off?

Pepe Coin Price Analysis

On Wednesday during Asian trading hours, the crypto market experienced increased selling pressure, causing Bitcoin's price to drop nearly 4%. This decline extended to major altcoins, including PEPE.

PEPE Price Correction

The frog-themed memecoin, PEPE, has fallen 8% today, continuing its downward trend following the break of a channel setup. As of the time of writing, the coin was trading at $0.00001048.

Bull Flag Pattern Formation

Despite the correction, the daily chart for PEPE indicates the formation of a bull flag pattern. This pattern typically signals a temporary uptrend for buyers to regain momentum.

Long-Term Trend Remains Bullish

Although PEPE is experiencing a downward trend, the coin remains above the 50% Fibonacci retracement level. This suggests that the long-term trend is still bullish, with buyers maintaining dominance.

Whale Activity

A recent sell-off by a major whale, dimethyltryptamine.eth, has raised concerns about a potential breakdown below $0.00001. The whale sold 10 billion PEPE tokens, valued at $112,000, after a 10-month hiatus from trading the coin.

Conclusion

The current correction in PEPE's price presents an opportunity for buyers to accumulate at a lower price point. However, investors should proceed with caution, as whale activity and the break of the channel setup indicate potential further downside.