The recent price action of PEPE has left investors and traders with a sense of uncertainty as the memecoin faces a potential 15% price decline to the $0.0000111 level. With major liquidation levels set at $0.00001259 and $0.00001351, the market is on edge as whales have begun profit booking and selling off billions of coins.
As of the 30th of May, PEPE experienced an 11% price dip, signaling a bearish sentiment in the market. The price currently hovers around $0.0000128, with trading volume down by 15% as traders adopt a cautious approach.
A notable event during this period was a whale offloading 502.5 billion PEPE coins, worth $6.47 million, on Binance. Despite the massive sell-off, the whale still holds 497.5 billion coins valued at $6.41 million. This sell-off coincided with PEPE breaking down from an ascending triangle pattern, further strengthening the bearish outlook.
Technical analysis suggests that PEPE is likely to continue its downward momentum, potentially reaching the next support level at $0.0000111. The Relative Strength Index (RSI) stands at 52, indicating a neutral zone with balanced momentum.
On-chain metrics reveal a surge in whale participation, with large transaction volume increasing by 4.09%. This rise raises questions about whether whales are preparing for a bearish trend or accumulating at lower prices.
The market also faces significant liquidation levels, with traders holding $2.39 million in long positions and $7.65 million in short positions. These positions could be liquidated if the price makes a significant move in either direction.
In conclusion, PEPE is facing a challenging period with bearish momentum and profit booking by whales. Traders should exercise caution and closely monitor the market to navigate potential price declines and liquidation risks.