As Pepe trades between key Fibonacci ranges, on-chain whale process hints at income-taking. Is a fall to $0.000010 drawing shut?
As meme coins battle to rebound in the altcoin rally, Pepe faces a appealing downside risk. The frog-themed meme coin’s technical outlook indicates a capability pullback as bullish momentum fades.
PEPE Tag Prognosis
On the day after day chart, PEPE reveals a bullish breakout from a triangle pattern, reaching a high of $0.00001550. Then but again, it’s miles now consolidating between the 50% and 61.80% Fibonacci retracement ranges, at $0.00001227 and $0.00001470, respectively.
The general vogue has resulted in a golden injurious between the 50-day and 200-day EMA traces, signaling a vogue reversal. Amid the quick-term consolidation, the MACD line has dropped under its worth line, triggering a bearish crossover. This means a significant loss in bullish momentum, with increasing bearish histogram bars.
In consequence, the technical indicators show a capability pullback against the 50% Fibonacci level at $0.00001227. Then but again, given the total weak point in the meme coin segment, the correction might presumably furthermore prolong to the 200-day EMA advance the $0.000010 level.
On the upside, a recovery above the 61.80% Fibonacci level might presumably furthermore beginning the course against the 78.60% level at $0.00001903.
Pepe Whales Reserving Profit?
With Pepe at risk of a capability pullback, the determination of immense transactions has surged over the final month. According to IntoTheBlock recordsdata, whale transactions hit a 7-day high of 587 on Could just 23. As of the final 24 hours, the guidelines recorded 267 transactions from whales.
The elevated determination of immense transactions with a volume of larger than $100,000 relates to heightened whale process.
This vogue is in general associated to income-taking and can suggest a local cycle high, equivalent to what became seen at some level of the November 2024 rally.
Resulting from this reality, the scorching spike in whale transactions following a quick-term worth surge raises the likelihood of a capability bearish reversal.
