Why is Pepe coming down now? Strongly sells excessive bouncing attempts despite the accumulation of whale
Pepe poured almost 3% on the previous day as entrepreneurs dumped tokens in unusual high volume, emphasizing the revised anxiety in the cryptocurrency space and significant income extraction.
The Pepe fell 3% with volatility at 7.74% hit, according to the technical examination model of CoinDesk Research’s technical examination.
The token saw the peaks of $ 0.00001268 before falling to the session lows around $ 0.00001169 in advance. While the prices were briefly bouncing, the rebound was quickly stuck, leaving the Pepe turned near the resistance of around $ 0.00001206.
The massive 24-hour trading volume, which exceeds 3.47 trillion tokens, points to large prevention or rapid repositions of entrepreneurs. It came in the middle of a broader market sale that saw CoinDesk 20 (CD20) drop of index of 2.95% on the last day, while CoinDesk Memecoin Index (CDMEME) retreats 3.9%.
But the gathering of the whale appears to remain stable. Data from Nansen It has been shown that in the past seven days, Pepe whales in Ethereum have added 1.4% to their holdings, now a total of 305.26 trillion, while exchange funds dropped by 1.14% to 251.2 trillion.
Overall -analysis of technical analysis
Pepe’s performance over the past 24 hours emphasizes the severity of the bearish tilt of the market. The token dropped 3%, weighted by uninterrupted sale. Trading has remained a mental change, with prices that are swinging at a range of $ 0.00000980 and posting intraday volatility of almost 8%.
Bulls temporarily pushed prices to $ 0.00001268 at one point, but strong resistance appeared at the level of $ 0.00001267. From there, the sellers continue to control, driving prices in a session of less than $ 0.00001169.
Although Pepe manages a moderate rebound, climbing from $ 0.00001210 to a high $ 0.00001217, the momentum quickly finizzed. The coin is fixed near $ 0.00001206, which acts as a resisting zone, suggesting that the market remains in integration -together instead of reverse its slide.
Trade volumes have sinks beyond 3.47 trillion tokens, featuring the size of the activity as entrepreneurs react to shift prices. Until Pepe can handle more than the main resistance and absorption of sales pressure, its trend appears to be locked in a bearish pattern.
Denial: Parts of this article were formed with assistance from AI tools and our editorial team reviewed to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s entire AI policy.
