Pepe Coin Price: Whale Dump Threatens Recovery?
Pepe coin's price recovery has stalled near key resistance, raising concerns. This slowdown coincides with Ethereum's struggle to break above the $2,000 mark. Continued whale selling could trigger a price crash, potentially retesting the year-to-date low.
Whale Activity Impacts Pepe Price
Significant selling pressure from large Pepe holders (whales) is impacting the price. Data shows a 41 trillion Pepe token reduction in whale holdings since February, down from 165 trillion to 148.7 trillion. This substantial sell-off likely contributed to the double-digit price drop from its 2024 high.
The 90-day Mean Dollar Invested Age (MDIA) downtrend further indicates increased selling pressure. However, there are positive signs. Since April 24th, whale holdings have stabilized. Additionally, the amount of Pepe on exchanges has decreased from 255.81 trillion to 254.9 trillion, suggesting reduced selling pressure.
Pepe Price Technical Analysis: Double-Bottom Pattern
Pepe's price has shown a slow recovery since bottoming at $0.00000572 this month. This formed a double-bottom pattern, with a neckline at $0.00000917. A break above this neckline would confirm a bullish reversal, potentially leading to an 87% surge to $0.00001712.
However, failure to break through the neckline could result in a price reversal, retesting the year-to-date low at $0.000005721 (approximately 40% below the current price). This would be a significant bearish signal.
Frequently Asked Questions (FAQs)
- What is the current outlook for Pepe? The outlook is currently neutral, as the price is at a crucial resistance level (the neckline of the double-bottom pattern).
- Why did whales sell Pepe? Whale selling likely reflects profit-taking after significant price increases.
- What would a breakout above the neckline indicate? A break above the neckline would likely trigger further price increases, potentially reaching $0.0000172.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Conduct thorough research before making any investment decisions.