PEPE Token Drops 9.83% Following Whale Transaction and Bearish Signals
The post PEPE Token Drops 9.83% Following Whale Transaction and Bearish Signals appeared on BitcoinEthereumNews.com.
PEPE token price experienced a sharp over 9% price decline in the last 24 hours, triggered by increased trading activity and a substantial whale transaction. A transfer of 427 billion PEPE tokens, valued at $8.5 million, was made to the Kraken exchange, intensifying selling pressure. The whale responsible still holds 1 trillion PEPE tokens, currently valued at $18.4 million, with a reported profit of $2 million from previous trades. Whale Transaction Sparks Market Volatility The increased whale activity in the market led to increased volatility of the PEPE’s market. Whale moved 427 billion tokens to Kraken in the last 30 hours, this amounted to $8.5 million. This large scale transfer was also coupled with more liquidations, which contributed more pressure to the price of PEPE in the trading session. This is even after the whale has sold a huge amount of PEPE tokens, holding 1 trillion PEPE tokens, a clear indication of the market power. This whale has been previously earning from PEPE transactions, with the previous profit recorded at $11.7M. These movements tend to reinforce the market sentiment leading to quick price changes and increased volume of transactions. – Advertisement – Bearish Double Top Formation Confirms Downtrend On the PEPE/USDT chart, there is a Double Top pattern that is a bearish reversal signal. The presence of two peaks at around $0.00001950 shows that there is much selling pressure at the resistance level. This pattern suggested a possible bearish break through the neckline support at $0.00001855 once PEPE was through. After the breakdown, the token continued the downward trend and is currently trading close to $0.00001849. The trend is consistent with the confirmation of the bearish Double Top pattern. Such technical patterns, accompanied by whale selling activity, have led to further decline of the PEPE cryptocurrency. Indicators Highlight Market Weakness…
Filed under: News - @ January 10, 2025 7:20 am