- A descending triangle pattern on PEPE’s chart suggests a potential 30% breakdown if the $0.0000106 support level fails to hold.
- Whale netflows have plunged 97%, indicating reduced accumulation and a distribution phase by large holders amid declining confidence in PEPE.
- Bearish RSI and MACD signals confirm weakening momentum, with sellers maintaining control as PEPE trades below key resistance at $0.0000144.
The chart of PEPE also has a descending triangle pattern, which indicates a possible 30% collapse in case the support level at $0.0000106 is not reached. The whale netflows declined by 97%, which can be interpreted as less accumulation and a distribution stage among large holders as confidence in PEPE declined.
Pepe Coin (PEPE) is technically weak as it changed hands at $0.0000117 on June 14, even though it rose intraday by 6 percent. On the daily timeframe, the asset has developed a descending triangle pattern, which suggests the possibility of continuing the decline that started after the asset touched $0.0000163 on May 23. This tendency represents decreasing peaks and a solid level of support at around $0.0000106.
The descending triangle can be quite bearish, particularly when the sell volume increases. The volume histogram in the case of PEPE indicates an increasingly high number of red bars, which leads to the conclusion that sellers are actively controlling the market. Should the price on the downside move below the support at $0.0000106, then the pattern could validate a downside continuation, with the height of the triangle indicating a possible 30 percent drop to approximately $0.0000075.
Technical Indicators Bearish Momentum
Momentum indicators further confirm the bearish view. Relative Strength Index (RSI) has dropped beneath the neutral 50 line and is at around 46.12. This degree shows a decline in the bullish power and a transition to a bearish atmosphere. Under such circumstances, a falling RSI will frequently warn of additional price declines should the support be broken.
Source: Tradingview
The Moving Average Convergence Divergence (MACD) has shifted to negative territory. The MACD line has also crossed below the signal line, which is normally interpreted as a bearish cross. The Red histogram bars reflect increasing downside pressure, as they should with the recent decrease in price by 4.35% to 0.0002179. All these indicators show that the market has started moving in favour of sellers.
Whale Netflows, Market Sentiment Remains Low.
On-chain metrics show a dwindling confidence in Pepe Coin as well. Whale netflows have decreased by over 97% in a week, signalling a decrease in considerable holder accumulation. That tendency suggests an ongoing process of distribution and a lesser eagerness to re-take positions at this price level.
Source: Messari
In addition to the technical and on-chain signals, PEPE’s trading volume has declined by 28.21% to $758.64K, reinforcing the reduced market participation. With no apparent bullish reversal in sight and resistance remaining firm near $0.0000144, the short-term outlook for PEPE continues to lean bearish.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
