The PEPE token has experienced a sharp decline of over 9% in the last 24 hours, driven by increased trading activity and a significant whale transaction.
Impact of Major Whale Transaction
A transfer of 427 billion PEPE tokens, valued at $8.5 million, to the Kraken exchange increased the selling pressure. The whale responsible still holds 1 trillion PEPE tokens, currently valued at $18.4 million, and has reported profits of $2 million from past trades.
Confirmation of Bearish Trend
The PEPE/USDT chart displays a 'Double Top' formation, suggesting a bearish reversal. The presence of two peaks at $0.00001950 indicates strong selling pressure at the resistance level. After breaking through the neckline support at $0.00001855, the token continued its downward trend, currently trading near $0.00001849.
Market Indicators Show Weakness
Key indicators confirm persistent bearish sentiment. The 50-day and 200-day SMAs suggest further price decline. The Relative Strength Index (RSI) at 27.34 indicates an oversold condition, possibly foreshadowing a short-term rally.
The current market situation indicates a sustained bearish trend for the PEPE token. While a short-term price increase may occur with rising trade volumes and improved market sentiment, significant selling pressure and indicator weakness suggest caution.
