Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
A whale dumped 438 billion PEPE tokens worth $3.03 million at a $434,000 loss in the last hour, making Pepe one of the most volatile meme coins on the market in the bearish zone. This massive sell-off has caused market tremors and could be a watershed in the token's near-term future. PEPE has lost all of its recent momentum according to the chart and is currently trading at about $0.000000758, indicating general weakness.
The whale-induced dump drove the asset back down below all short-term moving averages after it had previously tried to recover above the 50 EMA (blue line). An already delicate setup is under additional pressure now that the 100 and 200 EMA resistances are firmly overhead. The market is clearly responding strongly to the whale activity, as evidenced by the noticeably higher volume during this decline. PEPE is getting close to oversold territory according to the RSI, which is currently at 41.89 but not close enough to ensure a bounce.
The general mood is still unstable, particularly in light of the larger pattern of lower highs and lower lows that has characterized the price action since February. The fact that the whale left at a loss also calls into question whether or not PEPE's midterm prospects can be trusted. The more likely scenario is ongoing downward pressure, particularly if more significant holders follow suit, even though some may view this as a final capitulation and a chance for a reversal.
Godfrey BenjaminIf buyers do not intervene forcefully, PEPE might retest its early March support level at $0.00000065. A collapse below this level might pave the way for additional drops, perhaps returning to the $0.00000050 area, which has historically served as a psychological support and a bounce zone. PEPE holders should brace themselves for a rough ride ahead as the whale dump is a red flag.
Vladislav Sopov
Dan Burgin