The cryptocurrency market is experiencing continued bearish pressure following the peaks of 2024, affecting various segments including the memecoin PEPE.
Current Market Situation
The cryptocurrency market is facing a correction that began after the strong rallies of late 2024. Ethereum (ETH) has dropped from its December peak of $4000 to its current level of $1569, significantly impacting a wide range of altcoins and memecoins.
Whale Activity in PEPE
Amid the broader market decline, there has been notable buying activity in PEPE. According to a report from Lookonchain, five wallets combined spent $4.28 million to acquire 611 billion PEPE tokens within just eight hours.
Technical Analysis of PEPE
On the weekly chart, PEPE appears to be forming a Head and Shoulders pattern. Normally regarded as a bearish reversal pattern, it may signal a potential bounce back in this instance. The formation started in September 2024, followed by a massive rally that exceeded 300%, before PEPE experienced an 80% correction.
The next few weeks will be crucial for PEPE. While there are no guarantees in the cryptocurrency market, the interest from whales and technical indicators may suggest a potential recovery.
