Pepe (PEPE), the popular and the third largest meme coin, is poised for a notable price drop as it has broken out of a crucial support level. Today, on November 5, 2024, sentiment in the cryptocurrency landscape is quite bearish, putting PEPE in a downtrend.
Current price momentum
Following the outage, PEPE has registered a 2.75% decline in the last 24 hours and is currently trading around $0.00000797. During the same period, the meme coin’s trading volume fell by 4.9%, indicating lower participation from traders and investors during the market downturn.
PEPE Technical analysis and key levels
According to expert technical analysis, PEPE appears bearish as it has broken out from a crucial support level of a descending triangular price action pattern on a daily time frame. After the collapse, the likelihood of further price declines has increased.
Based on the recent price action and historical price momentum, if PEPE closes a daily candle below the $0.00000795 level, there is a strong possibility that the asset could fall by 18% to reach the $0.0000065 level in the coming days.
Furthermore, PEPE has broken through its crucial support at the 200 Exponential Moving Average (EMA) on the daily time frame, further indicating a downtrend.
Bullish on-chain metrics
Despite PEPE’s bearish outlook, whales and investors appear to be significantly invested in the meme coin. According to the on-chain analytics company InHetBloklarge transactions by whales and institutions have increased by 36% in the last 24 hours.
This notable increase in the number of large transactions underlines whales’ interest in the meme coin amid the recent price drop.
Given these on-chain statistics, it appears that bulls are currently dominating and have begun to increase their participation in the run-up to the US presidential election.
Combining these on-chain metrics, it appears that bulls are currently dominating and have begun to participate in the run-up to the US presidential election.
Credit : coinpedia.org
