Pepe Coin price risks a 50% drop to $0.00000480 as whales sell over 1T PEPE, and a bearish flag pattern signals more downside ahead.
Pepe Coin (PEPE) has not experienced substantial growth in the past month, as it has experienced a decline of over 11%.
The price of Pepe Coin was $0.0000102 as of July 9, with a modest 2.7% increase in the past 24 hours and $673 million in traded volumes.
Despite the gains recorded today, whales are selling tokens after offloading over 1 trillion within a day. This bear flag suggests that a 50% collapse may be imminent.
Whales Dispose Of One Trillion PEPE Tokens
The decline in their holdings suggests that PEPE whales may prepare to trade their tokens and mitigate the risk of incurring losses.
The data from IntoTheBlock indicates that billionaires have sold over 1.16 trillion tokens in a mere 24 hours, following a decline in their wallet balances from 647 billion to -521 billion tokens.
If whale wallets have ceased purchasing tokens and have opted to sell, it may indicate that they anticipate a price decrease.
This behavior coincides with constructing the bearish flag pattern on the daily chart.
Amidst Bearish Flag Pattern, Pepe Coin Price Is Expected To Decrease By 50%
The Pepe Coin price may be on the brink of a collapse due to the formation of a bearish flag pattern, which is typically indicative of the imminent control of bearish traders.
The pattern also indicates that the gains that commenced in late June are on the brink of a conclusion, and the Pepe Coin price may revert to its previous downward trajectory.
The flag pole’s height is the 49% decline within a month, resulting in a low of $0.00000830.
The price of Pepe Coin could plummet to $0.00000480 if the same decline occurs today and the coin falls below the support of the ascending channel that forms the flag.
The ADX also indicates that the parallel channel that formed the flag pole may be exhausted due to the insufficient strength of the upward trend.
This indicator could verify the Pepe Coin price prediction generated by this bearish pattern.
Simultaneously, the CMF indicator has maintained a negative value, resulting in a scarcity of traders willing to purchase Pepe Coin at its current price.
This indicates that the upward trend is on the brink of a halt, and the price will likely plummet.
This pattern has also emerged despite a previous CoinGape analysis that indicated heightened meme coin activity earlier this week, which resulted in gains for tokens like Dogecoin.
If the price of Pepe Coin continues to decline while other meme coins are experiencing growth, traders may shift their focus from PEPE to other coins.
In summary, the Pepe Coin price is edging closer to a collapse due to the pressure of whales dumping their tokens and forming a bearish flag chart.
This bearish outlook may be rendered invalid only if billionaires commence purchasing tokens, which will bolster the upward trend.
