Recent data on PEPE cryptocurrency indicates the presence of bearish signals that could lead to a significant price drop. A detailed analysis reveals that major holders are reducing their positions and technical indicators confirm market weakening.
Technical Indicators and Patterns
The chart of PEPE shows a descending triangle, suggesting a potential 30% drop if the support level at $0.0000106 is breached. Should this support fail, the price could fall to approximately $0.0000075.
Bearish Movement and Indicators
Both the RSI and MACD indicators exhibit bearish dynamics. The RSI has dropped below the neutral level of 50, resting around 46.12, indicating a decline in bullish strength. The MACD has also crossed below the signal line, reflecting increasing bearish pressure.
Market Confidence and Whale Activity
The trading volume for PEPE has decreased by 28.21%, indicating reduced market participation. Concurrently, on-chain metrics show dwindling confidence in PEPE, with whale netflows decreasing by 97% over the past week, signifying an ongoing distribution process.
Thus, the current state of PEPE is characterized by bearish signals from both technical and fundamental perspectives, questioning the short-term outlook for the asset.
