Pepe Price Plunges 23%: Will Whales Rescue the Memecoin?

Pepe's support zone hovering around $0.000010652 serves as a potential pivot point for a possible price reversal. Technical indicators such as the Stochastic RSI suggest that PEPE is oversold, indicating a possible bounce back.

Analysts observe significant whale activity, with 52% of stablecoin supply held by whales. This accumulation by large investors signifies potential buying activities that could support prices. Moreover, increasing whale transaction volume bolsters optimism for a potential reversal.

Coinglass data reveals notable volatility in PEPE, with spikes in both short and long liquidations. Long liquidations in early March coincided with a price decline, suggesting a potential corrective phase preceding a potential bullish trend.

Recent data shows an increase in long positions outpacing short positions, signaling bullish momentum that may push PEPE's price higher.

Despite market volatility and liquidations, strong support from whales and stablecoin reserves indicate a solid foundation at current levels. Maintaining this support could lead to a potential price surge. However, breaching this critical support level could result in further downside movement.

The upcoming days are crucial as investors monitor whether bullish forces can assert dominance and initiate a reversal or if bearish pressures will prevail. The outcome hinges on market dynamics and investor sentiment in the coming sessions.

Meanwhile, the broader meme coin sector faces selling pressure. Analyst Ki Young Ju anticipates a decline in meme coin dominance, potentially reflecting a shift towards fundamentals in the cryptocurrency market.