PEPE Faces Price Drop Risks amid Whale CEX Deposit
The post PEPE Faces Price Drop Risks amid Whale CEX Deposit appeared on BitcoinEthereumNews.com. Key Notes PEPE is trading in a bull flag pattern but faces strong selling pressure, as indicated by CMF and BoP. A whale deposited 609B PEPE (~$6.43M) to Binance, signaling potential short-term sell-off risk. RSI and MACD momentum remain weak, with $0.000010 acting as a crucial support level to hold. PEPE, a prominent meme coin project, has shown short-term resilience by climbing 3.5% in the past 24 hours, trading at $0.00001110 at press time, as per CoinMarketCap data. However, this bullish sentiment is overshadowed by larger bearish signals looming over the asset, as a whale’s recent massive CEX deposit hints at potential downside, coupled with a more than 40% drop in the trading volume. Bull Flag or Bear Trap? On the daily chart, PEPE has been trading inside a descending channel since May 10. This setup eventually led to a bull flag, a continuation pattern that often follows a strong upward move. In PEPE’s case, the price spiked from $0.0000079 to $0.000015 before consolidating within the flag between $0.000010 and $0.000014. Notably, indicators suggest that any such breakout won’t come easily. The Chaikin Money Flow (CMF) currently sits below the zero line, signaling increased selling pressure. This hints that smart money is exiting positions rather than accumulating. PEPE CMF and BoP Indicators | Source: TradingView Adding to this bearish weight is the Balance of Power (BoP) reading of -0.52, which underscores a dominance of sellers. A negative BoP in conjunction with a declining CMF indicates that downward momentum is still very much in play, and bulls will need to defend the critical support at $0.000010 to avoid deeper losses. Furthermore, a death cross has formed with the 50-day exponential moving average (EMA) dropping below the 20-day EMA, as the dominance of buyers has disappeared from the PEPE price action. Whale…
The post PEPE Faces Price Drop Risks amid Whale CEX Deposit appeared on BitcoinEthereumNews.com.
Key Notes PEPE is trading in a bull flag pattern but faces strong selling pressure, as indicated by CMF and BoP. A whale deposited 609B PEPE (~$6.43M) to Binance, signaling potential short-term sell-off risk. RSI and MACD momentum remain weak, with $0.000010 acting as a crucial support level to hold. PEPE, a prominent meme coin project, has shown short-term resilience by climbing 3.5% in the past 24 hours, trading at $0.00001110 at press time, as per CoinMarketCap data. However, this bullish sentiment is overshadowed by larger bearish signals looming over the asset, as a whale’s recent massive CEX deposit hints at potential downside, coupled with a more than 40% drop in the trading volume. Bull Flag or Bear Trap? On the daily chart, PEPE has been trading inside a descending channel since May 10. This setup eventually led to a bull flag, a continuation pattern that often follows a strong upward move. In PEPE’s case, the price spiked from $0.0000079 to $0.000015 before consolidating within the flag between $0.000010 and $0.000014. Notably, indicators suggest that any such breakout won’t come easily. The Chaikin Money Flow (CMF) currently sits below the zero line, signaling increased selling pressure. This hints that smart money is exiting positions rather than accumulating. PEPE CMF and BoP Indicators | Source: TradingView Adding to this bearish weight is the Balance of Power (BoP) reading of -0.52, which underscores a dominance of sellers. A negative BoP in conjunction with a declining CMF indicates that downward momentum is still very much in play, and bulls will need to defend the critical support at $0.000010 to avoid deeper losses. Furthermore, a death cross has formed with the 50-day exponential moving average (EMA) dropping below the 20-day EMA, as the dominance of buyers has disappeared from the PEPE price action. Whale…
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