PEPE is targeting an 18% price cut amid bearish price action.
Pepe (PEPE), the popular and third largest meme coin, is set for a popular price drop as it breaks out of a critical support level. Today, in November 5, 2024 Sentiment in the cryptocurrency landscape is extremely weak, turning PEPE into a downer.
Current price momentum
Following the breakout, PEPE recorded a 2.75% price drop in the last 24 hours and is currently trading at $0.00000797. During the same period, MemCoin's trading volume decreased by 4.9%, indicating low participation of traders and investors during the market downturn.
PEPE technical analysis and key levels
According to expert technical analysis, PEPE looks bearish as it has broken out of the critical support level of the descending triangle price action pattern on the daily time frame. Following the deterioration, the possibility of further price cuts has increased.
Based on the recent price action and historical price progress, if PEPE closes the daily candle below the $0.00000795 level, there is a strong possibility that the asset may decline by 18% to reach the $0.0000065 level in the coming days.
Additionally, PEPE has breached its critical support at the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating a bearish trend.
Bullish On-Chain Indicators
Despite PEPE's pessimism, whales and investors seem to have significant engagement with meme coins. According to on-chain analytics firm IntoTheBlock, large transactions by whales and institutions jumped 36 percent in the past 24 hours.
This significant increase in large transactions highlights whales' interest in meme coin during the recent price decline.
Considering these benchmarks on the chain, it looks like the bulls are currently dominant and are starting to increase their participation ahead of the US presidential election.
Integrating these metrics on the chain, it looks like the bulls are currently taking the lead ahead of the US presidential election.
