Pepe, the third-largest meme coin, fell to its lowest since November 13 as whales sold off holdings.
The value of Pepe fell to a low of $0.00001210, representing a decrease of more than 54% from its greatest point in December. The amount of Pepe coins that are now available on exchanges has increased, according to data provided by Nansen, which indicates that investors are continuing to exert selling pressure.
Tokens traded on exchanges increased by 1.31% to reach 240.28 trillion, which is an increase from 237.18 trillion the previous week. The overall supply on exchanges increased by 0.74%, reaching 57.12% of the total.
The findings of additional research indicate that Pepe whales have been selling off their holdings. A number of whales reportedly transferred their assets to exchanges, which indicates that these investors anticipate the negative trend to continue.
In the meantime, investors who are smart about their money have also started decreasing their positions. In December, there were 91 people who held smart money, but now there are just 69 people who own smart money.
Now, these investors have 9.5 trillion Pepe coins, which is a decrease from the approximately 12 trillion coins they held in March of the previous year. A number of meme coins have experienced a fall at the same time as Pepe’s crash.
As an illustration, Shiba Inu has experienced a decline of 45% from its peak in November, whilst Bonk has experienced a decline of 57% within the same time period.
If Bitcoin receives impetus from a Federal Reserve that is relatively dovish, then these meme coins may still be able to resume their upward trend. According to the daily chart, Pepe has created a bearish head and shoulders pattern during the past few days.
A head, two shoulders, and a neckline are the five components that make up this pattern. At this moment, the coin is trading at $0.00001716, which is below the neckline.
In addition, Pepe is getting close to the development of a death cross pattern, which takes place when the weighted moving averages for the 200-day and 50-day time periods interact with each other.
As the difference between the two averages has continued to decrease, it is possible that the pattern will appear if the sell-off continues. To add insult to injury, Pepe has relocated to the key support and resistance (S&R) pivot point of the Murrey Math Lines.
The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) have both resumed their downward trend. Therefore, it is expected that the coin will continue to suffer losses, with traders aiming for the critical support level around $0.0000060, which is the lowest level it has reached since August.
